或许就在下周，“RMP”这个词会刷屏全市场，并被认为是“新一代QE”

Core Viewpoint - The era of "Quantitative Tightening" (QT) by the Federal Reserve has ended, and a new phase aimed at expanding the balance sheet may soon begin, with the market anticipating a new term—"Reserve Management Purchases" (RMP) [1][2] Group 1: Transition from QT to RMP - The Federal Reserve has officially stopped reducing its balance sheet, shifting focus to RMP to ensure sufficient liquidity in the financial system [1][2] - Analysts predict that the Fed may announce the initiation of RMP as early as the upcoming meeting, with expectations of purchasing $35 billion in short-term Treasury bills starting in January [1][8] - The transition from QT, which reduced the balance sheet by approximately $2.4 trillion since its peak of nearly $9 trillion in 2022, indicates ongoing signs of funding stress in the market [3] Group 2: Market Reactions and Predictions - The announcement timing, scale, and specific operations of RMP will be critical for investors to assess future market liquidity and interest rate trends [2] - Wall Street analysts have provided varying predictions regarding the timing and scale of RMP, with some suggesting a potential one-time purchase of $100 billion to $150 billion in short-term Treasury bills in the first quarter [8] - Different banks have differing views on the scale of monthly purchases, with estimates ranging from $80 billion to over $400 billion, impacting market spreads accordingly [8]