智通财经APP获悉，由于流动性持续从金融体系中流失，美国银行体系的准备金已连续第七周大幅下降，至3万亿美元 以下。银行准备金是关乎美联储继续缩减资产负债表决策的一个关键因素。 受流动性变化影响，美联储的政策目标——有效联邦基金利率本周在区间内小幅上升，预示着金融环境可能趋紧。纽 约联储周二公布的数据显示，该利率从上一交易日的4.08%上升一个基点至4.09%。该利率仍处于联邦公开市场委员会 (FOMC)上周降息后设定的4%至4.25%目标区间内。过去两年间，该利率持续徘徊在目标区间低端附近，当前上行走势 标志着重要变化。 Wrightson ICAP高级经济学家卢·克兰德尔表示，由于非美国机构可供投放市场的过剩资金减少，联邦基金利率背后的 交易规模有所萎缩。此外，流动性收紧已引发无担保融资利率加权分布的重构。 此次下跌正值美国财政部在7月份提高债务上限后，加大债券发行力度以重建现金余额之际。这抽走了美联储账簿上其 他负债的流动性，例如隔夜逆回购工具(RRP)和银行准备金。 但随着所谓的RRP接近枯竭，商业银行存放美联储的准备金一直在下降。外国银行的现金资产下降速度甚至比美国银 行业更快。 随着美联储继续缩减资 ...

Group 1 - The Federal Reserve Bank of New York President John Williams stated that there has not been a significant amplification effect on overall inflation trends from the White House's tariff policies, reinforcing market expectations for an upcoming interest rate cut by the Fed [1][2] - Williams emphasized that existing data shows tariffs have not triggered a widespread price spiral, and he continues to monitor the potential impacts of tariffs on core inflation [1][2] - The labor market's marginal changes are a key focus for Williams, who noted that the high interest rate environment has led to a significant slowdown in job growth, indicating the necessity for policy adjustments [1][2] Group 2 - Market participants are focused on two key arguments: easing inflationary pressures and a cooling job market, with Williams projecting continued economic slowdown and raising the unemployment rate peak to approximately 4.5% due to negative impacts from trade and immigration policies [2] - There are internal divisions within the Fed regarding the pace of rate cuts, with some members advocating for immediate cuts while others suggest a more data-dependent approach [2] - Market pricing indicates a high probability (89.7%) that the Fed will cut rates by 25 basis points in the upcoming September meeting, with the current federal funds rate at a 20-year high of 4.25%-4.5% [2] Group 3 - There are still uncertainties regarding the inflation path, with some indicators of full employment deteriorating and the actual transmission of tariffs on prices needing further observation [3] - The use of overnight reverse repurchase agreements (RRP) has decreased to $21.07 billion, the lowest since April 2021, indicating potential liquidity pressures in the banking system [3] - The market is awaiting the August non-farm payroll report, which could further strengthen expectations for a rate cut if it confirms a weakening job market [3]

Core Points - The Federal Reserve maintains the Overnight Reverse Repurchase Agreement (RRP) as part of its open market operations, allowing non-bank entities to store cash in exchange for a set interest rate [1] - The usage of RRP peaked at $2.5 trillion at the end of 2022 but has since declined over 95% to a recent low of $22 billion [1] - The decline in RRP usage indicates a shift in liquidity management, with the U.S. Treasury issuing more short-term bonds to cover deficits, drawing funds away from RRP [3] Group 1 - The Federal Reserve still holds $3.3 trillion in reserves, down from a peak of $4.2 trillion in 2022, despite the reduced RRP usage [4] - The low RRP usage suggests that short-term interest rates will be more market-driven, potentially leading to greater volatility during tax payment periods and quarter-ends [5] - The depletion of RRP and the Treasury's bond issuance will directly consume bank reserves, which are crucial for market stability and the pace of the Fed's balance sheet reduction [5] Group 2 - The proposed "Fiscal Reserve Interest Accountability Act" could eliminate the Fed's ability to pay interest on reserves, potentially leading to a significant outflow of the $3.3 trillion in reserves back to the private market [6] - This legislative change may shift liquidity dynamics, favoring risk assets but could impair the Fed's ability to set short-term interest rates, increasing volatility during critical financial periods [7] - The current environment differs from the pre-2008 era, raising questions about the Fed's capacity to manage short-term rates without the ability to pay interest on reserves [6][7]

Group 1 - The U.S. Treasury is increasing the issuance of short-term government bonds to meet financing needs, leading to a shift in market liquidity as funds flow out of the Federal Reserve's overnight reverse repurchase agreement (RRP) tool into the more attractive Treasury market [1] - The usage of the RRP tool has significantly decreased, with only $28.82 billion being used by 14 institutions, marking a new low since April 2021, compared to a record high of $2.6 trillion in December 2022 [1] - In July, the U.S. Treasury issued a net increase of $212 billion in Treasury bonds, with approximately two-thirds being absorbed by money market funds, which are the largest users of the RRP [1] Group 2 - If RRP funds are exhausted, the next potential source of funds will be the $3.32 trillion reserves held by banks at the Federal Reserve, but a significant decline in reserves could lead to market instability [2] - Citigroup forecasts that bank reserves may drop to $2.8 trillion by the end of the year, with the possibility of further decline to $2.7 trillion, raising concerns about liquidity [2] - Wells Fargo warns that the upcoming weeks will be critical for the dollar repo market, especially during the corporate tax payment period in mid-September, which could see over $260 billion in net new Treasury supply [2] Group 3 - Some analysts believe that the market will not experience severe shocks in the short term, as the asset size of money market funds can continue to grow and absorb more short-term government bonds [3] - Data shows that $61.4 billion has flowed into Treasury-related ETFs in the third quarter, nearly double the amount from the same period last year, indicating strong overall demand [3] - Deutsche Bank warns that continued pressure on the financing market could spill over into the U.S. stock and corporate bond markets, especially with the S&P 500 index remaining at high levels [3]