摩根大通：季末融资市场通过了“QT考验”

Core Insights - According to JPMorgan, financing market activity is sluggish around tax day and quarter-end, indicating that "reserves appear to remain ample" [1] - The report led by Teresa Ho notes that quarter-end financing pressures are under control, with repo conditions weaker than the last corporate tax day [1] - Market participants are assessing the end date for the Federal Reserve's balance sheet reduction or quantitative tightening plans, with the view that QT could continue until the end of the year [1] Group 1 - Financing market activity is low during tax day and quarter-end periods [1] - Reserves in the market are considered sufficient [1] - Quarter-end financing pressures are managed effectively [1] Group 2 - Repo conditions have weakened compared to previous tax day [1] - Market participants are evaluating the timeline for the end of the Fed's quantitative tightening [1] - There is a belief that QT could persist until the end of the year [1]