Core Viewpoint - The Federal Reserve's ability to pay interest on reserves allows it to inject liquidity when necessary without compromising interest rate control [1] Group 1 - The payment of interest on reserves is a strategic tool for the Federal Reserve to manage liquidity in the financial system [1] - This mechanism enables the Federal Reserve to respond effectively to market demands while maintaining its monetary policy objectives [1] - The approach helps to stabilize the banking system by providing banks with an incentive to hold reserves [1]

智通财经7月10日电，美联储穆萨莱姆表示，如果美联储无法对准备金支付利息，可能会造成市场混 乱。 ...

中国台湾金管会：10家寿险业者已申请释出责任准备金。 ...

证券研究报告 2025年07月01日 行业报告： 行业专题研究 银行资负跟踪：如何理解国债纳入法准框架？ 作者： | 要素 | 中国人民银行 | 美联储 | 欧央行 | 日央行 | | --- | --- | --- | --- | --- | | 缴存机构 | 所有存款类金融机构 | 所有存款类金融机构 | 欧元区设立的信贷机构 | 商业银行、长期信贷银行 | | 缴存基数 | 一般性存款 | 交易账户存款 | 存款和发行的债券 | 存款、未偿还信托、未偿还债券 | | 缴存资产 | 在央行的存款 | 库存现金或在联储的存款 | 在央行的存款 | 在央行的存款 | | 存款准备金率 | 大型存款类金融机构9% | 0% | 两年以上的存款和债券0% | 债券、信托为0.1% | | | 中小型存款类金融机构6% | （2020年3月至今未调整） | 两年以内的存款和债券1% | 存款余额累进制，0%-1.3% | | 存款准备金利率 | 法定准备金利率1.62% | 法定准备金利率0.1% | 法定准备金利率为维持期主 | 不付息 | | | （超额准备金利率0.35%） | （超额准备金利率0.1%） | ...

Core Viewpoint - The Taiwan Financial Supervisory Commission has announced several measures to provide leniency for the life insurance industry, allowing companies to increase their foreign exchange fluctuation reserves to offset potential losses from the appreciation of the New Taiwan Dollar [1] Group 1: Regulatory Measures - The new measures enable life insurance companies to set aside additional reserves specifically for foreign exchange price fluctuations [1] - This initiative aims to mitigate the financial impact of future appreciation of the New Taiwan Dollar on the insurance sector [1]

深圳市科技创新局局长张林在新闻发布会上宣布，深圳将加快建立企业研发准备金制度，力求推动企业 研发投入占比保持在95%左右。目前，深圳企业研发投入占全社会研发投入比重为93.3%，在全国城市 中排名第一。研发准备金制度旨在让企业提前安排预算并投入自筹资金，以促进研发活动的顺利开展。 (21财经) ...

Core Viewpoint - Federal Reserve Chairman Jerome Powell emphasized that the proposal to stop paying interest on bank reserves would not achieve cost-saving goals and highlighted the significant challenges and potential market turmoil associated with reverting to a scarce reserve system [1][3] Group 1: Federal Reserve's Position - Powell directly refuted the notion that terminating interest payments could save money, stating that this idea is a misconception [3] - The interest on reserve balances (IORB) system was approved by Congress nearly two decades ago to support financial system stability and was formally implemented during the global financial crisis [3] - The IORB mechanism has become a key tool for the Federal Reserve in controlling short-term interest rates, especially under the current policy framework of maintaining a "ample reserve system" [3] Group 2: Implications of Proposed Changes - Powell warned that attempting to return to a scarce reserve system would be a long, difficult, and tumultuous process, advising against such a move [3] - The ample reserve system ensures that the banking system has sufficient liquidity to continuously support credit provision [3] - The proposal to end interest payments on reserves, suggested by Texas Senator Ted Cruz, claims it could save $1.1 trillion over ten years and has garnered some support from conservative Republican members [3] - Currently, the Federal Reserve pays a reserve balance interest rate of 4.4%, with bank reserves maintained between $3.2 trillion and $3.4 trillion [3] - Analysts indicate that implementing this proposal could lead to short-term interest rate fluctuations, weaken the Federal Reserve's policy control, and have cascading effects on bank lending activities [3]

Core Viewpoint - The ability of the Federal Reserve to pay interest on reserves is crucial for effective monetary policy [1] Group 1 - The Federal Reserve's payment of interest on reserves influences the overall monetary policy framework [1] - This capability helps in managing liquidity in the banking system [1] - It plays a significant role in the transmission of monetary policy to the economy [1]

英国央行行长贝利：我更倾向于银行保持充足的准备金，以确保它们拥有足够的流动性资产。 ...

Core Viewpoint - The article discusses the increasing pressure on Federal Reserve Chairman Jerome Powell to lower interest rates, highlighting internal and external divisions within the Federal Reserve regarding monetary policy direction [2][4][6]. Group 1: Federal Reserve's Internal Dynamics - Recent weeks have seen significant pressure from President Trump and White House officials urging Powell to restart the rate-cutting process [2]. - The June dot plot revealed a notable division among Federal Reserve officials, with seven out of nineteen supporting no rate cuts this year, indicating a split between hawkish and dovish factions [2][4]. - Deutsche Bank's chief U.S. economist noted that the level of disagreement among officials is at a ten-year high, reflecting fundamental differences in balancing inflation control and economic growth [4]. Group 2: Powell's Upcoming Testimony - Powell is expected to maintain a cautious stance during his upcoming testimony, likely reiterating the Fed's position to wait for more economic data before making any rate adjustments [6][11]. - Analysts predict that Powell will emphasize the current economic stability and the need for patience, despite calls for immediate action from some officials [6][11]. - The core PCE price index is anticipated to show a modest increase of only 0.1% month-over-month, indicating low inflationary pressures [6]. Group 3: Political Influences and Market Reactions - The political influence on the Federal Open Market Committee (FOMC) is becoming more pronounced, with two Republican-leaning officials suggesting a rate cut in July, which has altered market expectations [6][9]. - Market traders have raised the probability of a July rate cut to approximately 23%, while the likelihood of a September cut stands at 82% [9]. Group 4: Geopolitical Concerns - Powell is likely to address the potential economic impacts of the ongoing conflict between Israel and Iran, which has seen fluctuations in oil prices but is not expected to have a lasting effect on inflation [11][14]. - Analysts warn that prolonged conflict could push oil prices to $120 per barrel, potentially raising U.S. inflation to around 5% [14]. Group 5: Regulatory and Policy Discussions - Powell may face questions regarding the current push for regulatory reforms, including the relaxation of certain banking regulations, which the White House is advocating [16]. - The proposal to eliminate interest payments on bank reserves, aimed at reducing government spending, is also expected to be a topic of discussion, though analysts caution it could disrupt monetary policy [17].