美联储2020年连续缩减量化宽松购买量，是在收紧货币政策吗？

Group 1 - The Federal Reserve's monetary policy is not tightening but rather transitioning to a new phase of liquidity injection, having previously implemented a broad and unfocused approach [1] - The Fed's initial response to the stock market's continuous circuit breakers included a combination of zero interest rates, quantitative easing, and a $2 trillion fiscal stimulus, which did not yield the expected results [1][2] - The presence of the Volcker Rule has led banks to withdraw liquidity instead of providing loans, creating a situation where businesses in need of funds struggle to obtain loans from banks [1][2] Group 2 - The Fed's liquidity injection strategy consists of two parts: rescuing the market and supporting businesses, utilizing over nine tools to achieve liquidity distribution [4] - Despite the Fed's efforts, a significant portion of the released liquidity remains trapped within the financial system, prompting a reduction in the scale of quantitative easing [4] - The Fed has acquired a substantial amount of corporate and government bonds, managing to temporarily suppress risk, but the proportion of high-risk bonds is increasing, indicating a precarious situation [4]