#数字资产代币化浪潮 USD liquidity is going to have big problems?

The President of the New York Fed, John Williams, recently called an emergency closed-door meeting with primary dealers. What was discussed? The repurchase market is running out of money, bank reserves are plummeting, and the secured overnight financing rate has repeatedly hit the 5.50% ceiling. This script looks eerily similar to the repurchase market blowup in 2019 and the night before the Fed went on a money-printing spree at the beginning of the pandemic in 2020.

Numbers do not lie. The overnight reverse repurchase tool balance still has 2 trillion left, and this "reservoir" of US dollar Liquidity is nearing its bottom. Meanwhile, the US Treasury is frantically issuing debt, and banks will need to hoard cash for accounting at the end of the year, making money in the market increasingly tight. Bank system reserves? They have already fallen to the lowest level seen since October 2020, with the danger warning line looming.

Do you remember that time in 2019? After the liquidity dried up, the Federal Reserve poured in trillions of dollars to rescue the market, and as a result, the US stock market and the crypto market took off directly.

Now Williams has eased up: the so-called "technical debt purchases" are coming soon, and the $95 billion monthly tapering may slow down significantly or even reverse. The official rhetoric says this is just a routine operation to restore the functionality of the currency market, but the market has long been aware—the signal for large-scale monetary easing has already been lit. Gold is rising, Bitcoin is rising, and US stocks are also rising; the funds are giving you the answer.

Will this policy shift forced by the "money shortage" evolve into a QE-level super Liquidity injection? Global capital is watching how the Federal Reserve will play its cards next. A new round of asset price revaluation may already be on the way.

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