美国银行业准备金下降，为美联储结束QT提供依据

Core Insights - The U.S. banking system's reserves are a key factor in the Federal Reserve's decision to continue reducing its balance sheet [1] - As of the week ending October 22, bank reserves decreased by approximately $59 billion, reaching a low of $2.93 trillion, the lowest level since the week of January 1 [1] - Following the increase in the debt ceiling in July, the U.S. Treasury has intensified debt issuance to rebuild its cash balance, which withdraws liquidity from the Federal Reserve's balance sheet [1] - The ON-RRP (Overnight Reverse Repurchase Agreement) tool is nearly depleted, leading to a continuous decline in commercial bank reserves held at the Federal Reserve [1] - Analysts from JPMorgan, Bank of America, and others expect the Federal Reserve to halt the reduction of its approximately $6.6 trillion balance sheet this month [1]