美联储或考虑扩大持有规模，接近“流动性补给”的新阶段

Core Viewpoint - The Federal Reserve may soon consider expanding its securities holdings to maintain sufficient reserves in the banking system, indicating a shift towards a new phase of liquidity support after two years of balance sheet reduction [1][3]. Group 1: Federal Reserve Actions - John Williams, President of the New York Federal Reserve, stated that the potential bond purchases would be a natural step in executing a strategy for sufficient reserves, not a change in policy stance [3]. - Since the initiation of balance sheet reduction in June 2022, the Federal Reserve's balance sheet has decreased by $2.2 trillion, reducing its GDP ratio from a peak of 35% to approximately 21%, making the timing for halting the reduction more appropriate [1]. Group 2: Market Implications - Financial institutions have increasingly utilized repurchase agreement facilities to address short-term funding pressures since October [1]. - The Markit iBoxx index for Chinese dollar bonds showed a 0.1% decline in returns as of October 31, with investment-grade bond returns also down by 0.1%, while high-yield bond returns remained unchanged [1].