美国财政部发行的国库券规模激增，或促使美联储考虑停止缩表

Core Insights - Powell hinted that the Federal Reserve may end its balance sheet reduction in the coming months, with an implicit acknowledgment of the role played by the U.S. Treasury [1] Group 1: Federal Reserve and Treasury Dynamics - The U.S. Treasury is continuously increasing the supply of Treasury bills, necessitating a higher general account balance [1] - Over the past year, the target balance for the Treasury's general account has been approximately $850 billion, which is expected to reach at least $900 billion in the next quarterly report on November 3 [1] - The Fed's balance sheet reduction will decrease the reserves in the U.S. banking system, which currently stands at about $3 trillion, nearing what is considered a "sufficient" level [1] Group 2: Market Implications - Barclays strategist Samuel Earl indicated that the growth in the Treasury's general account balance further depletes reserves, increasing pressure on the Fed to halt its balance sheet reduction [1] - Ultimately, this situation may necessitate an expansion of the Fed's balance sheet [1]