鲍威尔关于美联储资产负债表最新演讲，终于，他坐不住了

Core Viewpoint - The Federal Reserve, led by Chairman Powell, may soon halt its balance sheet reduction, indicating a potential shift in monetary policy that could impact global markets [1][3][10]. Group 1: Federal Reserve's Balance Sheet - As of October 8, the Federal Reserve's total liabilities stood at $6.5 trillion, with $2.4 trillion in Federal Reserve notes, $3.0 trillion in reserves, and approximately $800 billion in the Treasury's general account [3]. - The asset side of the balance sheet is primarily composed of $4.2 trillion in U.S. Treasury securities and $2.1 trillion in government-backed mortgage securities [3][4]. - The Fed's balance sheet played a crucial role during the pandemic, increasing its securities holdings by $4.6 trillion to nearly $9 trillion to support credit flow to households and businesses [5][7]. Group 2: Market Reactions - Powell's recent statements led to immediate market reactions, with the dollar declining and gold prices reaching new highs, reflecting expectations of a more liquid environment [10]. - The S&P 500 and Nasdaq showed mixed responses, with tech stocks, particularly in the AI sector, facing pressure due to concerns over competition and market bubbles, while the Dow Jones saw gains from companies like Walmart [12]. Group 3: Economic Outlook - Powell emphasized that inflation risks remain, with the core PCE price index rising 2.9% year-over-year, above the Fed's 2% target, partly due to tariff impacts [13][15]. - The Fed is navigating a complex economic landscape, balancing weak labor market conditions with persistent inflation, and is expected to maintain a moderate easing stance in the coming months [15].