中信证券：后续12月1日美联储停止缩表后，资金市场压力或进一步有所缓解

Core Viewpoint - The report from CITIC Securities indicates that factors such as the Federal Reserve's balance sheet reduction, the replenishment of the U.S. Treasury General Account (TGA), and seasonal fluctuations have led to some pressure signals in the U.S. funding market. However, liquidity pressure has significantly eased since November, and further relief is expected after the Fed stops its balance sheet reduction on December 1 [1]. Group 1 - The U.S. funding market experienced pressure signals due to the Federal Reserve's balance sheet reduction and TGA replenishment [1] - Several U.S. repo market spread indicators have shown a decline since the end of October, indicating a recovery in liquidity conditions [1] - Current liquidity pressure in the funding market is manageable, suggesting a stabilization in the financial environment [1] Group 2 - The cessation of the Fed's balance sheet reduction on December 1 is anticipated to further alleviate funding market pressures [1]