巴克莱银行预测，受美国财政部账户重建、季度缴税及债券结算影响，9月份银行准备金将急剧下降至 3万亿美元以下，流动性随之收紧。然而，发生严重"资金紧缩"的风险较低。主要得益于市场已平稳吸 收前期的国债增发，并且美联储的常备回购便利工具提供了强大的安全网，准备金总量预计将保持在充 足水平11%之上。 随着夏末的临近，一场由美国财政部、税收和债券结算共同引发的巨额流动性抽离正在逼近美国货币 市场。 巴克莱于8月14日发布的研究报告，市场将在9月份面临一场急剧的准备金消耗，尤其是在月中将出现 一个巨大的流动性冲击点。然而，该报告的核心观点是，尽管"抽水"规模庞大且迅速，但由于市场已 表现出韧性，且美联储已部署了关键的后备工具，一场系统性的融资危机得以避免的可能性很高。 "大抽水"的来源：三大因素叠加 报告详细分析了导致9月份准备金急剧下降的三个主要驱动因素。这些因素的叠加，尤其是在月中， 将构成一次严峻考验。 财政部一般账户（TGA）重建： 财政部计划将其在美联储的现金余额（TGA）恢复至8500亿美元的目标水平。这一过程本身就会从银行系 统抽走流动性。 季度税收支付： 9月15日是季度纳税截止日。巴克莱预计，仅在这 ...

Core Viewpoint - The New York Federal Reserve announced the implementation of the Standing Repo Facility (SRF) to enhance liquidity in the financial system [1] Group 1: Announcement Details - The SRF aims to provide a reliable source of funding for eligible counterparties, thereby improving market functioning [1] - The facility will allow eligible institutions to access short-term funding through repurchase agreements, which is expected to stabilize the repo market [1] Group 2: Implications for the Financial Industry - The introduction of the SRF is anticipated to reduce volatility in short-term funding markets, benefiting overall financial stability [1] - By offering a backstop for liquidity, the SRF may encourage more active participation in the repo market from various financial institutions [1]

Core Viewpoint - The Federal Reserve is encouraging financial institutions to actively utilize the Standing Repo Facility (SRF) to address market liquidity challenges, despite current liquidity being ample [1] Group 1: SRF Tool Utilization - Federal Reserve officials advocate for the use of the SRF tool under economically reasonable circumstances to support effective monetary policy implementation and promote market stability [1] - The New York Fed plans to expand SRF operations from only afternoon sessions to include morning sessions, allowing for same-day settlement, which is a significant step to enhance the tool's effectiveness [1] Group 2: Market Liquidity and Balance Sheet - There are indications that market liquidity is tightening, and the Fed's balance sheet reduction may take some time to complete [1] - As the Fed continues to reduce its balance sheet and lower reserve levels, upward pressure on money market rates may increase [1]