美联储刚结束缩表就重启购债

Group 1 - The Federal Reserve has restarted bond purchases, buying $40 billion in short-term Treasury bonds each month, marking a significant shift from its previous balance sheet reduction strategy [1][3] - This action is seen as a response to liquidity pressures in the dollar market, with banks frequently borrowing to address urgent funding needs, reminiscent of the 2019 liquidity crisis [3][4] - The monthly $40 billion injection is equivalent to approximately 320 billion RMB, functioning similarly to "invisible QE," which is expected to attract capital back to the A-share market, particularly in sectors like AI and new energy [4] Group 2 - The current monetary policy shift is not a comprehensive stimulus but rather a targeted approach to address short-term liquidity issues, distinguishing it from traditional quantitative easing [4] - There is an expectation of increased monetary policy space domestically, leading to rising anticipations of interest rate cuts and reserve requirement ratio reductions [4]