威廉姆斯表示，通过缩表，美联储已基本上将银行准备金水平降至"充足"水平。达到这一门槛促使美联 储上周重启购债操作，即其所谓的"准备金管理购买"。威廉姆斯指出，银行准备金必须随着银行需求逐 步增加。（新华财经） 纽约联储总裁威廉姆斯周一表示，美联储上周降息的决定是正确的，但下一步行动尚难判断。威廉姆斯 在新泽西州泽西市的一场活动上对记者表示，"我非常支持我们做出的决定"，即把美联储基准利率下调 25个基点。展望明年1月27日至28日的政策会议，他表示："我们将等待并收集所有相关数据"，目前"还 为时过早，无法判断下一次货币政策决定该怎么做"。 ...

美联储威廉姆斯表示，通过缩表，美联储已基本上将 银行准备金水平降至"充足"水平。"我们现在基本 上已经达到了这一水平，"威廉姆斯在谈及理论上的充足银行准备金水平时说道。达到这一门槛促使美 联储上周重启购债操作，即其所谓的"准备金管理购买"。威廉姆斯指出，银行准备金必须随着银行需求 逐步增加。 ...

来源：@央视财经微博 【#解读美联储鹰派降息# 业内人士：#白银行情或延续#】美联储在当地时间周三结束12月议息会议 后，宣布降息25个基点，符合市场预期，这是今年9月以来连续第三次降息，而真正让投资者意外的 是，美联储主席鲍威尔宣布，将自当地时间本月12日起，启动"准备金管理购买"，该操作被视为美联储 在未来短期小幅扩大资产负债表，有望向市场注入更多流动性。不过，仅就鲍威尔的表态和美联储货币 政策声明来看，本次利率决议堪称"鹰派降息"。鲍威尔暗示美联储接下来将暂停降息进程。利率"点阵 图"的预期中位值显示，美联储官员们预计明年仅降息一次。由此，金融市场目前对于美联储明年两到 三次的乐观降息预期将会逐步调整，而这将加剧风险资产价格波动。景顺亚太区全球市场策略师赵耀庭 表示："美联储释放的信号是接下来将进入'走一步，看一步'的模式。"受美联储降息预期推动，兼具避 险属性和工业用途双重特性的白银近日价格屡创新高。业内人士预计，多重因素或将推动白银牛市行情 延续。《#财经记者说#》带你了解↓ ...

10 December 2025 | 2:46PM EST Economics Research USA: FOMC Lowers Fed Funds Rate by 25bp; Two Hawkish Dissents and One Dovish Dissent; SEP Median Dot Unchanged, With Six Hawkish BOTTOM LINE: The FOMC lowered the target range for the fed funds rate by 25bp to 3.50-3.75% at its December meeting. Kansas City Fed President Schmid, Chicago Fed President Goolsbee, and Governor Miran dissented from the Committee's decision, with Schmid and Goolsbee preferring not to cut and Miran preferring a 50bp cut. The Committ ...

AI播客：换个方式听新闻 下载mp3 音频由扣子空间生成 随着年底临近，华尔街银行正严阵以待，准备应对日益上升的货币市场压力，分析师表示，这可能促使 美联储权衡采取措施，在这个规模达12.6万亿美元的市场中重建流动性缓冲。 美联储决策者本周将举行会议，这是自美联储停止缩减资产负债表（即所谓的量化紧缩）以来的首次会 议，目前有迹象表明，银行体系内的准备金已不再充裕。 美联储尚未解决其资产负债表缩减后的政策问题，包括其国债组合的构成，但随着融资成本居高不下， 越来越多的市场参与者认为，决策者应采取更具体的措施来缓解紧张局势，例如恢复直接购买证券以补 充准备金。 他们预计，美联储主席鲍威尔可能会在北京时间周四货币政策会议结束时，就下一步行动提供一些线 索。 "鲍威尔可能会暗示他们正在更仔细地关注前端利率，并可能暗示他们即将到达必须开始增加准备金的 时点，"道明证券美国利率策略主管Gennadiy Goldberg表示。"在我看来，这才是真正的问题。我认为他 们正在观察年底的情况，以此来弄清楚系统中到底还有多少回旋余地。" 关键在于是否有足够的准备金来防止往往在年底期间发生的市场混乱，届时银行通常会减少回购市场的 活 ...

Group 1: Central Bank Policies - The People's Bank of China aims to maintain the RMB exchange rate at a stable level while implementing moderately loose monetary policy and enhancing the monetary policy framework [1] - Multiple Federal Reserve officials express varying stances on monetary policy, with some advocating for faster rate cuts to address economic downturn risks [2] - The European Central Bank acknowledges that rising interest rates may exacerbate perceived inequality, particularly affecting low-income households [3] Group 2: Market Reactions and Predictions - A Reuters survey indicates that 84 out of 105 economists expect the Federal Reserve to cut rates by 25 basis points in December, with some predicting further cuts in early 2026 [5] - Goldman Sachs anticipates that the Federal Reserve may soon announce "reserve management purchases," which could be interpreted as a new round of quantitative easing [5] - Guggenheim's Chief Investment Officer suggests that the Federal Reserve is likely to cut rates again in December due to economic slowdown indicators [5] Group 3: International Developments - European financial stability officials are exploring the integration of non-U.S. central bank dollar reserves to establish an independent liquidity support mechanism [3] - The new Japanese government pressures the Bank of Japan to delay interest rate hikes until January to align with a large-scale economic stimulus plan [3] - The Bank of England reduces the maximum authorized scale of its Asset Purchase Facility from £619.7 billion to £555 billion [4]

Group 1 - Goldman Sachs suggests that the Federal Reserve may soon announce "reserve management purchases," injecting liquidity into the market by buying short-term government bonds, which the market interprets as a signal for a new round of quantitative easing (QE) [1][3] - JPMorgan's CEO emphasizes that the current AI investment wave is not a market bubble but the beginning of a significant transformation in corporate operations, indicating that the market's expectations for AI's value exceed its current realizations, suggesting substantial potential [1] - Citi notes an improvement in credit outlook for peripheral Eurozone countries, with Italy, Spain, Portugal, Greece, and Ireland likely to receive credit rating upgrades by 2026 due to fiscal consolidation and resilient economic growth [1] Group 2 - Guggenheim's Chief Investment Officer indicates that the economic slowdown reflected in the Beige Book, along with pressures on low-income groups and small businesses, suggests a "dual-speed economy," leading the Fed to likely cut rates again in December [2] - Blackhawk Analytics reports that initial jobless claims in the U.S. slightly decreased to 227,500, indicating a stable labor market, which may support the Fed's decision to hold rates steady in December [2] - Morgan Stanley's economists assert that the current level of initial jobless claims is consistent with recent years, showing no signs of an escalating layoff trend, and that the government shutdown may have distorted data reporting [2]

Core Viewpoint - The U.S. short-term financing market is showing signs of liquidity tightening again, raising doubts about the effectiveness of recent Federal Reserve interventions. The rise in key interest rate indicators suggests speculation that the Fed may be forced to expand its balance sheet again, interpreted by some as a new round of quantitative easing (QE) [1][3]. Group 1: Market Dynamics - The secured overnight financing rate (SOFR) has recently surged, widening the spread with the Fed's interest on reserves (IOR) to 8 basis points, indicating a return to a tense financing environment [1][4]. - Following the Fed's decision to end quantitative tightening (QT) at the end of October, the banking system's reserves may be sliding towards "scarcity" levels, increasing pressure for further Fed action [3][9]. - The rebound in SOFR and tri-party repo rates above the IOR suggests that bank reserves have moved from "ample" to "scarce" levels [4][10]. Group 2: Federal Reserve's Position - Fed officials have indicated that reserves are no longer "ample," hinting that "reserve management purchases" may be the next step in normalizing the Fed's balance sheet [6][11]. - The timing for the Fed to expand its balance sheet will depend on the relationship between the effective federal funds rate (EFFR) and the IOR, with expectations that the EFFR-IOR spread may narrow by year-end [8][9]. - The continued use of the standing repo facility (SRF) is seen as a clear signal of scarce reserves, with recent data showing a resurgence in daily usage of the SRF tool [10][11]. Group 3: Current Reserve Levels - U.S. bank reserve levels have dropped to their lowest point in five years, indicating a challenging transition from "ample" to "scarce" reserves, with market signals suggesting potential volatility in this process [11][12].