【美联储调查显示：未来12个月预计购买约2,200亿美元国库券】美联储的一项调查受访者预计，央行 为管理储备金而进行的购买行动在12个月内总计将超过2,000亿美元。美联储决策者在认定金融体系储 备金已降至"充足"水平（短期融资成本上升即是信号）后，决定开始购买国库券（T-bills）。美联储表 示，最初将每月购买约400亿美元国库券，随后会逐步缩减规模。本月至今已购买约380亿美元。 ...

Core Viewpoint - The Federal Reserve plans to purchase $40 billion of short-term U.S. Treasury securities monthly, exceeding market expectations, which has led to revisions in debt issuance forecasts for 2026 and a decrease in borrowing costs [1][2]. Group 1: Federal Reserve Actions - The Federal Reserve will begin purchasing short-term U.S. Treasuries this Friday to alleviate short-term interest rate pressures by rebuilding reserves in the financial system [2]. - Barclays estimates that the Fed's total purchases of short-term Treasuries could reach $525 billion by 2026, significantly higher than the previous forecast of $345 billion [2]. - The net issuance of short-term Treasuries for private investors is expected to drop from $400 billion to $220 billion due to the Fed's actions [2][5]. Group 2: Market Reactions - Major banks, including JPMorgan and Bank of America, anticipate that the Fed will absorb a larger amount of debt, with Bank of America suggesting that the Fed may need to maintain this accelerated purchasing pace for a longer duration [2][3]. - Strategists believe that these measures will help alleviate market pressures accumulated from the Fed's previous balance sheet reductions, benefiting swap spreads and the SOFR-federal funds rate basis trades [2][7]. Group 3: Strategic Insights - Analysts from various banks, including CIBC and Deutsche Bank, note that while the Fed's aggressive purchasing indicates a low tolerance for financing pressures, it may not completely eliminate market volatility [3][6]. - The Fed's actions are seen as a proactive measure to manage the transition to an "ample" reserve level, indicating a more cautious approach compared to 2019 [6]. - The anticipated monthly purchase of $40 billion is viewed as a high-end estimate, with adjustments likely based on the Fed's liability needs [15].