会议纪要进一步指出："部分与会者强调通胀高企可能固化的风险，并表示在通胀读数持续处于高位的 情况下进一步降息，恐将被市场误读为决策者降低了对实现2%通胀目标的承诺力度。" 今日周三(12月31日)亚盘时段，COMEX白银目前交投于74.67一线上方，今日开盘于76.06美元/盎司， 截至发稿，comex白银暂报75.22美元/盎司，下跌1.05%，最高触及76.28美元/盎司，最低下探74.11美元/ 盎司，目前来看，comex白银盘内短线偏向看涨走势。 【要闻速递】 最后，纪要确认与会者普遍判断准备金余额已"降至充裕水平"——这意味着启动短期国债购买操作以长 期维持充裕准备金供给是适宜的。 会议纪要仍明确指出，政策制定者们对于通胀与失业何者对美国经济构成更大风险，仍存在显著分 歧。"多数与会者认为，向更中性的政策立场调整，将有助于防范劳动力市场状况出现严重恶化的可能 性。" 另外2026年，FOMC将迎来一批新任地区联储行长，同时领导层换届也已提上日程。这些变动可能会改 变市场当前对这一全球最重要央行降息节奏的预期。交易员目前预计，美联储2026年的降息幅度在1-4 次、每次25个基点之间，这为能够准确预判 ...

Core Viewpoint - The ongoing pressures in the $12 trillion short-term funding market are prompting calls for the Federal Reserve to take stronger actions to alleviate the situation, including increasing short-term market loans or directly purchasing securities [1][4]. Group 1: Market Pressures - Key short-term interest rates have remained high, including benchmark rates related to overnight repurchase agreements and the Federal Reserve's own policy target rate, which has risen four times in the past two months [1]. - The increase in U.S. Treasury issuance has drawn cash from the short-term market, leading to reduced funds in the banking system [4]. - The recent government shutdown has delayed federal spending that could have boosted liquidity, exacerbating the situation [4]. Group 2: Federal Reserve Actions - The Federal Reserve has indicated a potential adjustment in its balance sheet policy due to recent market pressures, with some investors believing that actions may be too slow to prevent reserve scarcity [1][4]. - New York Fed officials have suggested that rising financing costs signal that bank reserves are no longer abundant, indicating that the Fed may need to purchase assets soon [4]. - The Fed's recent decision to halt the reduction of Treasury holdings starting December 1 has not alleviated market pressures [4]. Group 3: Market Stability and Risks - The lack of sufficient liquidity could increase volatility and weaken the Fed's ability to control interest rate policies, potentially leading to broader impacts on the Treasury market [5]. - Historical context is provided by the 2019 incident where a key overnight rate surged to 10%, prompting the Fed to inject $500 billion into the financial system [5]. - Despite current market stability, there are concerns about year-end volatility as banks typically reduce repo market activity for regulatory purposes [6]. Group 4: Federal Reserve Officials' Perspectives - Cleveland Fed President expressed that some volatility in front-end rates is acceptable as long as they remain within a certain range, with current reserves at $2.85 trillion [9]. - Dallas Fed President indicated that if repo rates remain high, the Fed will need to purchase assets, emphasizing that the scale and timing of purchases should not be mechanical [10]. - Market participants are frustrated by the lack of clarity regarding the desired levels for money market rates and the overall control of the money market [10].