Core Viewpoint - The Federal Reserve has room to continue reducing its balance sheet despite potential short-term pressures in the money market around the end of the quarter, as stated by Dallas Fed President Lorie Logan [2][3]. Group 1: Balance Sheet Reduction - Since 2022, the Federal Reserve has been reducing its balance sheet with the goal of lowering bank reserves to a "minimum adequate level" to avoid market turmoil [2]. - Current bank reserve balances are approximately $3.3 trillion, while the estimated minimum adequate level is around $2.7 trillion [3]. - Logan emphasized that there is still more room to reduce reserves, as recent repo market rates have averaged about 8 basis points lower than the interest paid on reserves by the Fed [3]. Group 2: Liquidity Mechanisms - The Fed has mechanisms like the overnight liquidity tool and the discount window to prevent liquidity shortages, allowing eligible firms to quickly convert Treasury holdings into cash [2]. - Logan suggested that the Fed should consider increasing or removing limits on discount window loans and may benefit from daily auctions of these loans to better allocate liquidity within the banking system [3]. Group 3: Communication and Policy Framework - Logan expressed satisfaction with the Fed's recent policy framework assessment but noted that there is room for improvement in communication, particularly regarding the quarterly release of the Summary of Economic Projections (SEP) [4]. - She highlighted the need to avoid overemphasizing the median while considering diverse viewpoints in economic forecasts and responses [4].
9月资金面吃紧?美联储洛根:缩表还有空间
Jin Shi Shu Ju·2025-08-26 03:10