Core Viewpoint - The Federal Reserve is approaching a new phase of "liquidity replenishment" after two years of balance sheet reduction, with potential plans to expand its securities holdings soon [3][4]. Group 1: Federal Reserve's Strategy - The Federal Reserve plans to assess whether the reserve levels have transitioned from "slightly above adequate" to "adequate" before gradually resuming net asset purchases [4]. - Any future bond purchases will be part of a pre-planned liquidity management action under the "adequate reserves framework," not a new stimulus policy [4][6]. Group 2: Market Conditions - Recent fluctuations in the repo market indicate a transition of liquidity from "ample" to "adequate," with some repo rates exceeding the Fed's target range [5]. - The usage of the Standing Repo Facility (SRF) has surged, reaching the highest frequency since its establishment in 2021, with borrowing exceeding $10 billion on two occasions last week [5]. Group 3: Future Expectations - Market analysts anticipate that the Federal Reserve may officially initiate "reserve management" bond purchases in the first quarter of 2026 to maintain liquidity in the banking system [7]. - The Federal Reserve is closely monitoring indicators such as the federal funds market and repo market to evaluate changes in reserve demand [7].

2025.11. 08 他解释称，美联储资产负债表策略的"下一步"是评估储备水平是否已从"略高于充足"转为"充足"。一 旦达到该状态，美联储将逐步恢复净购买资产的进程。 他强调，这些债券购买属于美联储"充足准备金框架"下的既定措施，是一项计划已久的流动性管理行 动，而非新的刺激政策。 "我们的目标是确保银行体系和短期资金市场顺畅运作，而不是刺激经济活动，"威廉姆斯说。 回购市场压力上升 本文字数：1239，阅读时长大约2分钟 作者 | 第一财经 胡弋杰 当地时间11月7日，美国纽约联邦储备银行行长约翰·威廉姆斯（John Williams）在德国法兰克福出 席欧洲央行货币市场会议时表示，美联储可能很快考虑重新开始扩大其证券持有规模。这一表态意味 着，在连续两年缩表之后，美联储正接近"流动性补给"的新阶段。 就在一周前，美联储宣布将于12月1日正式结束资产负债表缩减（Quantitative Tightening, QT）计 划。威廉姆斯的发言随即引发市场关注。分析人士认为，美联储此举并非转向宽松，而是出于准备金 管理的技术性考虑。 维持"充足准备金"水平 威廉姆斯表示，即便未来启动美联储"储备管理式"债券购买 ...