Core Insights - Barclays strategists anticipate that the Federal Reserve will begin purchasing Treasury securities in February 2024, following indications from key Fed officials about expanding the balance sheet [1] - The expected pace of purchases is projected to be $15 billion per month, starting from March 2024, with an announcement likely in the January meeting [1] - The purchases are aimed at maintaining reserve levels in line with economic growth, rather than indicating a shift in monetary policy stance [1] Summary by Categories Federal Reserve Actions - Federal Reserve is expected to start buying Treasury securities in February 2024 [1] - The anticipated purchase rate is $15 billion per month [1] Market Context - The Fed is currently in a risk management mode due to market concerns regarding repo rates [1] - Recent comments from New York Fed President John Williams and securities portfolio officials suggest a focus on aligning reserves with economic growth [1]

在多位美联储关键官员暗示将扩大资产负债表后，巴克莱策略师预计，美联储将于明年2月开始购买国 库券。巴克莱策略师Samuel Earl在一份报告中写道："鉴于市场对回购利率的关注，美联储正处于风险 管理模式下，提前启动资产购买似乎是最可能的结果。"他补充说："综合考虑这些因素，我们将预计时 间提前，目前认为美联储将在1月会议上宣布，次月开始以每月150亿美元的速度进行购买。"Earl指 出，纽约联储主席威廉姆斯（John Williams）及负责证券投资组合的官员erto Perli近期的言论表明，此 次购买旨在维持与经济增长相匹配的准备金水平，不代表货币政策立场的转变。 ...

美联储威廉姆斯：美联储可能很快需扩大资产负债表以满足流动性需求。 来源：滚动播报 ...

来源：滚动播报 美联储威廉姆斯：预计常备回购便利工具将在必要时得到积极使用。 美联储的利率控制工具包一直运 行良好。储备管理性购债是技术性操作，并非货币政策信号。美联储可能很快需要为满足流动性需求而 扩大资产负债表。 ...

Core Viewpoint - The Federal Reserve Chairman Powell indicated that the Fed will eventually need to expand its balance sheet again after announcing plans to stop reducing it, emphasizing the need for increased reserves to support the banking system and economic growth [1] Group 1 - The Federal Reserve has announced a halt to the reduction of its balance sheet [1] - Powell stated that the Fed will have to increase its asset holdings in the future to maintain sufficient liquidity in the financial system and control interest rates [1] - He highlighted that reserves need to grow in response to the expansion of the banking system and the economy [1]

钛媒体App 10月16日消息，鲍威尔周二暗示美联储可能在未来数月结束缩表时，有一点没有明说，那就 是美国财政部在其中发挥的作用。美国财政部在不断增加国库券供应，意味着需要维持更高的一般账户 余额。过去一年的大部分时间里，美国财政部一般账户目标余额基本是8500亿美元。根据分析，在11月 3日发布的下一次季度报告中，可能至少达到9000亿美元。美联储缩表会减少美国银行系统中的准备金 数量，目前约为3万亿美元，已接近被认为"足够"的水平。巴克莱策略师Samuel Earl表示，财政部一般 账户余额增长进一步消耗储备，加大美联储停止缩表的压力，最终将需要扩大资产负债表。（广角观 察） ...