亏损2400亿，美联储爆雷，没有中国兜底，美联储玩不转了？

Core Viewpoint - The Federal Reserve's balance sheet, amounting to $6.56 trillion, is causing significant financial strain, leading to a record loss of $240 billion, which threatens the liquidity of the entire U.S. financial system [1][2][5] Group 1: Federal Reserve's Financial Condition - The Federal Reserve's balance sheet currently stands at $6.56 trillion, with a cumulative loss of $240 billion due to high interest payments to financial institutions [2][5] - The unprecedented loss of a central bank raises concerns about its credibility and ability to issue currency, as typically central banks generate profits [2][5] - The losses stem from excessive money printing in previous years and the purchase of high-priced government bonds, which have now depreciated in value due to rising interest rates [5][9] Group 2: Liquidity Crisis Indicators - The use of the Standing Repo Facility (SRF) reached a historical high of $50.4 billion at the end of October, indicating a liquidity crunch among U.S. banks [7] - Despite the Federal Reserve's claims of a "sufficient reserves" system, banks are facing cash flow issues, leading them to exchange government bonds for cash with the Fed [7][9] - The reduction of U.S. Treasury holdings by China exacerbates the liquidity tension, as it increases the supply of bonds while reducing cash availability in the market [9][11] Group 3: Implications of China's Actions - China's decision to reduce its holdings of U.S. Treasuries reflects a lack of confidence in the Federal Reserve's financial health, as it views U.S. debt as a liability [5][11] - The absence of China as a major buyer of U.S. debt complicates the Treasury's ability to issue new bonds, creating a deadlock in the financial system [9][13] - The U.S. financial system's reliance on external liquidity sources, particularly from countries like China, has been disrupted, leading to potential systemic risks [11][13]