Core Viewpoint - Federal Reserve official Kashkari believes that President Trump's actions regarding the Federal Reserve are "related to monetary policy" and does not see "any motivation for a rate cut in January" [1] Group 1 - Kashkari's comments highlight the ongoing tension between the executive branch and the Federal Reserve regarding monetary policy [1] - The statement indicates a firm stance from the Federal Reserve against potential rate cuts in the near term, suggesting a cautious approach to monetary policy [1]

Core Viewpoint - The actions of the Trump administration towards the Federal Reserve over the past year are fundamentally about monetary policy, as stated by Minneapolis Fed President Kashkari, who defended Fed Chair Powell amid a criminal investigation led by the Justice Department [1] Group 1: Federal Reserve Independence - Kashkari emphasized the importance of explaining to voters why the independence of the Federal Reserve is crucial for the health and vitality of the U.S. economy [1] - The Supreme Court has signaled a different view of the Federal Reserve compared to other independent agencies, potentially granting the Trump administration more power over the Fed [2] - If the Supreme Court sides with Trump, it could undermine the foundational independence of the Federal Reserve, allowing future presidents to dismiss Fed officials at will [2] Group 2: Monetary Policy and Interest Rates - The Federal Funds rate currently hovers between 3.5% and 3.75%, a level that Kashkari believes positions the Fed well [2] - There is significant division among decision-makers regarding recent interest rate decisions, with some officials opposing a rate cut due to persistent inflation above the Fed's 2% target [4] - Kashkari expressed caution regarding further rate cuts, citing a solid economic foundation despite some labor market cracks and ongoing high inflation [4][5] Group 3: Economic Outlook - Kashkari warned that inflation could remain above target levels for the next two to three years, potentially leading to prolonged high inflation [5] - A significant rise in unemployment, particularly if accompanied by easing inflation, could prompt a change in Kashkari's strategy [5] - The current economic resilience suggests that tight monetary policy may not be as impactful as perceived, as there have not been widespread layoffs despite reduced hiring [4]

据外媒援引一位重要的共和党议员称，由于美国司法部已向美联储送达传票，威胁要对美联储主席鲍威 尔提起刑事诉讼。鲍威尔可能会缺席原定的下一次国会听证会。根据1978年对设立美联储的相关法律所 作的修订，美联储主席被要求每年两次在国会听证会上作证，就货币政策和经济形势发表看法。按照惯 例，美联储主席通常会分别出席参议院银行委员会和众议院金融服务委员会的听证会。众议院金融服务 委员会主席、共和党众议员弗伦奇·希尔表示，"我预计鲍威尔主席不会在二月份出席众议院和参议院的 听证会，因为大陪审团指控他作伪证。" 来源：滚动播报 ...

【#央行将开展9000亿元买断式逆回购#】中国人民银行1月14日发布消息称，为保持银行体系流动性充 裕，中国人民银行将于1月15日以固定数量、利率招标、多重价位中标方式开展9000亿元买断式逆回购 操作，期限为6个月（181天）。记者了解到，1月份将有6000亿元6个月期买断式逆回购到期。这意味 着，15日中国人民银行将开展的买断式逆回购操作是加量续作，加量规模3000亿元。中国人民银行已连 续第8个月开展买断式逆回购加量续作。东方金诚首席宏观分析师王青认为，中国人民银行开展买断式 逆回购操作，显示出货币政策延续支持性立场，有助于开年政府债券发行，并助力金融机构加大信贷投 放。（新华社） ...

明尼阿波利斯联储行长Neel T. Kashkari在接受采访时明确声援美联储主席鲍威尔，直指特朗普政府近期 针对美联储的行动本质上是"关于货币政策"的干预。 根据《联邦储备法》，总统只有在官员存在称职问题或失职等"正当理由"时才能将其解职。Kashkari 警 告称，如果最高法院做出有利于特朗普的裁决，使总统能够随意撤换官员，将破坏美联储独立性的基本 要素。他同时注意到，最高法院过去一年的表态似乎显示其倾向于将美联储与其他独立机构区分对待。 Kashkari 在接受采访时指出，特朗普政府过去一年针对美联储的攻击"实际上是关于货币政策的"。他认 为鲍威尔对此次刑事调查性质的定性是准确的，即政府正将行政手段作为迫使央行降低借贷成本的筹 码。 尽管行政压力加剧，但 Kashkari 认为这正是一个向公众阐明美联储独立性重要性的契机。他提到，目 前市场表现相对冷静，部分原因在于跨党派议员已表态支持鲍威尔，这传递了美联储应免受政治干扰制 定利率的信号。 1月维持利率不变，谨慎对待未来降息 在货币政策层面，Kashkari 明确反对在1月的议息会议上降息。去年经过三次降息后，目前基准利率维 持在3.5%至3.75%之间 ...

美国明尼阿波利斯联邦储备银行行长尼尔·T·卡什卡里表示，过去一年特朗普政府针对美联储采取的一 系列举措，"本质上是围绕货币政策展开"。在美国司法部主导的一项刑事调查启动后，卡什卡里公开表 态支持美联储主席鲍威尔。 面对此次调查，金融市场反应相对平稳。卡什卡里认为，这在一定程度上是因为两党议员已联名表态支 持鲍威尔，认可美联储应拥有不受政治干预、自主制定利率政策的权力，这让市场吃下了一颗"定心 丸"。 美国司法部于上周五向美联储送达了大陪审团传票，此举引发鲍威尔的强硬回应。上周日，媒体曝光这 一调查后，鲍威尔发布了一份非同寻常的视频声明。他在声明中指责特朗普政府，将美联储华盛顿总部 翻新工程的相关成本问题当作"借口"发起刑事调查，以此胁迫美联储下调基准利率。 "过去一年间，这一系列矛盾的不断加码，本质上就是围绕货币政策的博弈。"卡什卡里在接受采访时表 示，"我认为鲍威尔的这番表态精准地道出了问题的核心。" 他还指出，当前正是向民众与美国民众阐释"为何美联储的独立性对美国经济的稳健运行与活力至关重 要"的契机。 此次针对美联储的新一轮猛烈抨击，不仅遭到全球经济政策制定者的强烈反对，也引发共和党议员乃至 特朗普总统 ...

(责任编辑：张紫祎) 数据显示，1月有6000亿元6个月期买断式逆回购到期。因此，此次操作为6个月期买断式逆回购连续第5 个月加量续作，加量规模3000亿元，较上月增加1000亿元，符合市场预期。 中国央行14日发布公告称，为保持银行体系流动性充裕，将于15日开展9000亿元(人民币，下同)买断式 逆回购操作，期限为6个月(181天)。 "这是2026年货币政策延续适度宽松基调，保持流动性充裕的具体体现。"东方金诚首席宏观分析师王青 认为，向市场注入中期流动性的操作，在助力政府债券发行，引导金融机构加大货币信贷投放力度的同 时，也释放数量型政策工具持续加力信号，显示货币政策延续支持性立场。 此前，中国央行已于1月8日开展11000亿元3个月期买断式逆回购操作，为等量续作。将3个月期与6个月 期的买断式逆回购结合来看，中国央行加量规模较上月增加1000亿元，为连续第8个月通过买断式逆回 购向市场注入中期流动性。 ...

1月14日，央行官网发布公告称，为保持银行体系流动性充裕，2026年1月15日，中国人民银行将以固定 数量、利率招标、多重价位中标方式开展9000亿元买断式逆回购操作，期限为6个月（181天）。 数据显示，1月有6000亿6个月期买断式逆回购到期。由此，央行1月15日开展9000亿元买断式逆回购操 作，意味着当月6个月期买断式逆回购加量续作，加量规模3000亿元，为6个月期买断式逆回购连续第五 个月加量续作，加量规模较上月增加1000亿元。 值得注意的是，受稳增长政策发力显效及外需韧性较强等带动，2025年12月官方制造业PMI指数大幅回 升至扩张区间，短期内逆周期调节政策加码需求或有所下降，加之1月央行仍在通过买断式逆回购向市 场注入中期流动性，央行降准预期也可能相应推迟。 图片来源：IC photo 来源：北京日报客户端 记者：潘福达 东方金诚首席宏观分析师王青认为，央行此次操作背后的主要原因在于，为保障重点领域重大项目资金 需求，巩固拓展经济回升向好势头，2026年新增地方政府债务限额已提前下达，这意味着2026年1月会 有一定规模的政府债券开闸发行。另外，2025年10月5000亿元新型政策性金融工具 ...

Core Viewpoint - The People's Bank of China (PBOC) is implementing a 900 billion yuan reverse repo operation to maintain liquidity in the banking system, marking the fifth consecutive month of increased reverse repo operations [1][2]. Group 1: Reverse Repo Operations - On January 15, the PBOC will conduct a 900 billion yuan reverse repo operation with a six-month term, which is an increase of 300 billion yuan compared to the previous month [2]. - This operation follows the maturity of 600 billion yuan in six-month reverse repos in January, indicating a net liquidity injection of 300 billion yuan for the month [2]. - The increase in reverse repo operations aligns with market expectations and is aimed at ensuring sufficient liquidity during a month characterized by high bank credit issuance and tax payments [2][4]. Group 2: Market Liquidity and Future Expectations - Experts anticipate that the PBOC will also conduct a 200 billion yuan Medium-term Lending Facility (MLF) operation around January 25, likely maintaining or slightly increasing the amount [3][4]. - The PBOC's approach to liquidity management is expected to continue, utilizing various tools such as reverse repos and MLF to ensure a stable liquidity environment, reflecting a monetary policy stance of "moderate easing" through 2026 [4]. - The recent central bank meeting emphasized the need for flexible and efficient use of monetary policy tools to maintain ample liquidity and support balanced credit growth in line with economic and price level expectations [4].

Group 1 - The central bank announced a 900 billion yuan reverse repo operation with a fixed amount and interest rate, set to take place on January 15, with a term of 6 months (181 days) [2] - This operation marks the fifth consecutive month of increased 6-month reverse repos, with an additional 100 billion yuan compared to the previous month, and is part of an ongoing effort to inject liquidity into the market [2] - Analysts believe this move aims to create a favorable liquidity environment for government bond issuance and credit growth at the beginning of the year, ensuring a stable funding situation [2][3] Group 2 - January is a month with concentrated bank credit issuance and significant tax payments, leading to increased liquidity demand in the market [3] - The central bank's net injection through reverse repos is expected to maintain ample market liquidity and support stable financial market operations at the year's end and beginning [3] - The central bank is likely to continue using various tools, including reverse repos and medium-term lending facilities (MLF), to ensure liquidity remains abundant throughout 2026 [3]