如何理解“特朗普版QE”？投资者：流动性盛世已来，“所有财政/货币紧缩的伪装都已不复存在”

Core Insights - The Trump administration and the Federal Reserve are injecting significant liquidity into the financial system, which investors perceive as having effects similar to quantitative easing (QE) despite official denials [1][2] - A series of policies, including a directive to purchase $200 billion in mortgage-backed securities (MBS) and the expansion of the Fed's balance sheet, are aimed at stimulating the economy ahead of the midterm elections [1][3] Group 1: Policy Actions - The Trump administration has ordered government-controlled mortgage giants Fannie Mae and Freddie Mac to purchase $200 billion in MBS to lower mortgage rates and stimulate housing demand [1][3] - The Federal Reserve has purchased $54.43 billion in short-term Treasury securities since December, with expectations of buying between $220 billion and $300 billion in the first year [2][3] - Regulatory relaxations, such as the GENIUS Act and reduced capital requirements for banks, are designed to create more credit space for major lending institutions [4] Group 2: Market Implications - The combination of MBS purchases and the Fed's balance sheet expansion creates a multi-faceted liquidity injection mechanism that may lead to increased cash flow into risk assets [5] - The influx of liquidity could push asset prices higher, even if valuations appear excessive, as investors may feel a "bottom support" in prices [6] - Concerns about inflation are rising, with M2 money supply growth currently over 4%, but experts suggest inflation risks may only become serious if growth reaches 6% to 8% [6]