美联储银行准备金跌破3万亿，缩表或提前结束，股债市场利好？

Group 1 - The core point of the articles highlights a significant decline in the reserves of the U.S. banking system, which has fallen below $3 trillion for the first time since January, indicating tightening liquidity conditions [1][3] - As of September 24, the reserves decreased by approximately $21 billion, reaching $2.9997 trillion, the lowest level in 2023 [1] - The decline in reserves is primarily driven by the U.S. Treasury's increased debt issuance since July to bolster cash reserves, which has absorbed liquidity from the Federal Reserve's balance sheet [3] Group 2 - The reduction in reserves is also influenced by the near depletion of the overnight reverse repurchase agreement (RRP) tool, leading to a decrease in bank reserves held at the Federal Reserve [3] - The tightening liquidity is gradually affecting the daily operations of the financial system, prompting the Federal Reserve to slow down its balance sheet reduction by decreasing the scale of maturing bond rollovers [3] - The effective federal funds rate has slightly increased to 4.09%, indicating upward pressure on financing costs, although it remains within the target range of 4% to 4.25% [3] Group 3 - Dallas Fed President Logan suggests abandoning the federal funds rate as the benchmark for monetary policy, advocating for a rate linked to the U.S. Treasury mortgage market to enhance policy stability and effectiveness [4]