DLS MARKETS：美银准备金持续下降，美联储面临流动性调控挑战

Group 1 - The scale of reserves in the US banking system is continuously declining, recently falling below the important threshold of $3 trillion for two consecutive weeks, reaching a low of $2.93 trillion as of the week ending October 22, which is the lowest level since January of this year [1] - A significant reason for the decrease in reserves is the US government's increased bond issuance to replenish the treasury cash following the debt ceiling increase, which is tightening market liquidity [3] - The tightening of liquidity is reflected not only in the decline of reserves but also in the fluctuations of money market rates, indicating that the banking system's reserves are shifting from "ample" to "tight" [3] Group 2 - The usage of the Federal Reserve's reverse repurchase tool, which was once a "reservoir" to alleviate excess funds, is also shrinking, indicating a further tightening of overall liquidity [4] - The Federal Reserve's balance sheet is approximately $6.6 trillion, and it continues to withdraw funds from the market through its "quantitative tightening" policy [4] - Federal Reserve Chairman Powell's recent statement that "bank reserves are slightly above ample levels" is seen as a significant signal, with the "ample level" referring to the minimum reserve scale needed for stable financial system operation [4]