时钟滴答，在全世界等待新年钟声时，华尔街的交易员却紧盯着一组来自美联储的、令人屏息的数字：160亿美元。这并非节日红包，而是一剂注入金融动 脉的强心针。 2025年12月31日，当人们准备告别旧岁，美联储完成了一次静默却有力的操作。其通过隔夜回购协议，向银行系统注入了160亿美元的流动性。 这使得2025年12月通过回购操作注入的资金总额达到40.32亿美元，而单日160亿美元的规模，被市场数据机构标榜为自新冠疫情危机以来的第二大流动性操 作。 这个工具的核心目的是确保美联储对短期利率的控制力，防止因市场突然"缺血"导致利率失控飙升。 美联储为何要在跨年夜如此"慷慨"？一系列警报信号早已亮起。 首要的压力信号来自短期融资成本。关键的基准利率——有担保隔夜融资利率在12月29日定在3.77%，这比美联储向银行支付准备金利息的利率高出了12个 基点。 这个看似微小的利差，在金融专家眼中却是市场流动性开始"缺血"的明确征兆。 更深层的结构性压力在于"双重抽水"。一方面，美联储自2022年以来持续执行的量化紧缩政策，一直在从金融体系中抽走流动性。另一方面，美国财政部为 应对财政赤字而大规模发行国债，也在吸收市场资金。 ...

Core Viewpoint - The ongoing pressures in the $12 trillion short-term funding market are prompting calls for the Federal Reserve to take stronger actions to alleviate the situation, including increasing short-term market loans or directly purchasing securities [1][4]. Group 1: Market Pressures - Key short-term interest rates have remained high, including benchmark rates related to overnight repurchase agreements and the Federal Reserve's own policy target rate, which has risen four times in the past two months [1]. - The increase in U.S. Treasury issuance has drawn cash from the short-term market, leading to reduced funds in the banking system [4]. - The recent government shutdown has delayed federal spending that could have boosted liquidity, exacerbating the situation [4]. Group 2: Federal Reserve Actions - The Federal Reserve has indicated a potential adjustment in its balance sheet policy due to recent market pressures, with some investors believing that actions may be too slow to prevent reserve scarcity [1][4]. - New York Fed officials have suggested that rising financing costs signal that bank reserves are no longer abundant, indicating that the Fed may need to purchase assets soon [4]. - The Fed's recent decision to halt the reduction of Treasury holdings starting December 1 has not alleviated market pressures [4]. Group 3: Market Stability and Risks - The lack of sufficient liquidity could increase volatility and weaken the Fed's ability to control interest rate policies, potentially leading to broader impacts on the Treasury market [5]. - Historical context is provided by the 2019 incident where a key overnight rate surged to 10%, prompting the Fed to inject $500 billion into the financial system [5]. - Despite current market stability, there are concerns about year-end volatility as banks typically reduce repo market activity for regulatory purposes [6]. Group 4: Federal Reserve Officials' Perspectives - Cleveland Fed President expressed that some volatility in front-end rates is acceptable as long as they remain within a certain range, with current reserves at $2.85 trillion [9]. - Dallas Fed President indicated that if repo rates remain high, the Fed will need to purchase assets, emphasizing that the scale and timing of purchases should not be mechanical [10]. - Market participants are frustrated by the lack of clarity regarding the desired levels for money market rates and the overall control of the money market [10].