为财政部接盘？伯里讽刺美联储重启购债：继续狂欢吧！

Core Viewpoint - Investor Michael Burry warns that the Federal Reserve's resumption of Treasury purchases indicates an increasing dependency of the financial system on Fed support rather than stability [1] Group 1: Federal Reserve Actions - The Federal Reserve has decided to halt the reduction of its balance sheet and plans to purchase approximately $35 billion to $45 billion in Treasury securities monthly, expected to start in January [1] - This decision comes after the Fed has reduced its assets by about $2.4 trillion since 2022, marking the end of quantitative tightening (QT) [1] Group 2: Financial System Vulnerability - Burry highlights the increasing fragility of the U.S. banking system, which required about $2.2 trillion in support before the banking turmoil of 2023, compared to only $450 billion in 2007 [1] - He suggests that the current reliance on over $3 trillion in Fed support is a sign of weakness rather than strength [1] Group 3: Market Dynamics - Burry questions the timing of the Fed's actions, noting that the Treasury has been issuing more short-term securities to avoid raising 10-year Treasury yields, implying a strategic coincidence in the Fed's focus on short-term purchases [1] - He argues that the Fed's pattern of expanding its balance sheet after each crisis helps explain the strong performance of the stock market [1] - Burry warns that this approach could lead to the complete nationalization of the U.S. bond market, with the Fed owning all $40 trillion of U.S. debt [1]