美东时间12日周三，威廉姆斯在纽约联储的2025年美国国债市场会议上表示，美联储正在寻找"充足"的 银行准备金水平，以此确保牢固控制联储的利率目标及正常的货币市场交易状况。他说："基于近期持 续的回购市场压力以及准备金从丰裕转向充足的其他迹象，我预计不久就会达到充足的准备金水 平。"届时，美联储将开始逐步购买资产，以维持充足储备水平。 "美联储三把手"、纽约联储主席威廉姆斯（John Williams）认为，美联储可能很快需要重启债券购买， 作为维持对短期利率控制的技术性措施。威廉姆斯强调，这类购买对货币政策没有影响。 威廉姆斯暗示，美联储需要很快开始逐步直接购买债券，以维持市场流动性与增长经济之间的平衡。 同在周三，特朗普今年"钦点"的美联储理事米兰（Stephen Miran）再次提到稳定币的影响。在上周五表 示稳定币增长可能使美联储基准利率下降0.4个百分点后，这次他说，稳定币的影响可能会达到2000年 至2010年期间多达六成的储蓄。 "展望未来，我们下一步的资产负债表战略将是评估准备金何时达到充足。届时，将开始逐 步购买资产，以便维持充足的准备金水平，因为美联储的其他负债会不断增长，而且对准备 金的 ...

Core Viewpoint - The Dallas Fed President Logan indicated that the Federal Reserve still has room to reduce excess reserves and expects banks to utilize the Standing Repo Facility (SRF) next month to alleviate any liquidity pressures [1] Group 1: Federal Reserve Actions - The SRF tool is designed to prevent liquidity shortages by allowing eligible institutions to quickly convert their holdings of U.S. Treasuries into cash, thereby reducing the need for Federal Reserve intervention in emergencies [1] - Logan expressed optimism about the market's use of the SRF during the June quarter-end and anticipates similar usage in September if necessary [1] Group 2: Banking System and Reserve Management - As reserves in the banking system decline, it is crucial for the Federal Reserve and other central banks to avoid expanding their balance sheets due to short-term demand for reserves from banks, as this could lead to a "continuously expanding" balance sheet risk [1]

Core Viewpoint - The New York Federal Reserve plans to incorporate early settlement operations of a key liquidity support tool into its regular schedule to enhance and strengthen this liquidity tool, supporting stable financial market operations [1] Group 1: Federal Reserve Actions - The Federal Open Market Committee (FOMC) agreed in March to "significantly slow" the pace of balance sheet reduction to prevent excessive liquidity withdrawal from the market [1] - The New York Fed's recent normalization of early repurchase operations is seen as a measure to ensure market stability and liquidity, especially in light of volatility in the U.S. Treasury market due to tariff policies [1][6] - The Fed is expanding the liquidity "insurance layer" in financial markets to prevent short-term funding mismatches and liquidity shortages during high yield fluctuations [1][7] Group 2: Market Reactions and Concerns - The global financial market's renewed focus on the Standing Repo Facility (SRF) follows significant volatility in the U.S. Treasury market triggered by new trade policies [5] - Concerns about market movements due to trade policy uncertainty have led to a "real and significant" deterioration in financial market liquidity, although the repo market has shown resilience [5][6] - The New York Fed had already begun providing additional daily repo operations before the recent market volatility, aiming to prevent repo market rates from exceeding the Fed's target range [6] Group 3: Future Implications - The adjustments in monetary policy reflect the Fed's intention to add safety measures against potential funding mismatches in a high-rate environment, avoiding a repeat of the 2019 liquidity crisis [7] - The FOMC noted that while reserves remain high at approximately $3 trillion, certain indicators are nearing buffer limits, necessitating caution to avoid approaching critical points similar to those in 2019 [7] - If the 10-year Treasury yield exceeds 5% again, the Fed may consider pausing balance sheet reduction or even targeted expansion to stabilize the financial market's benchmark interest rate corridor [7]