(Reuters) -A largely untested Federal Reserve liquidity facility drew no demand at its first daily auction on Tuesday despite expectations on Wall Street for a scramble by banks to secure funding to cover the often-turbulent quarter-end period. New York Fed data showed no funds were drawn from its Standing Repo Facility, or SRF, which the Fed created in 2021 and allows eligible firms to quickly convert bonds into cash. A second daily operation is set to close at 1:45 p.m. ET, which could still see a deman ...

By Michael S. Derby (Reuters) -A day ahead of what is expected to be very volatile conditions in money markets, a top Federal Reserve Bank of New York official said on Monday that markets are still flush with liquidity, central bank tools are in place to manage temporary hiccups, and in any case some level of chop in money market rates is healthy. “Our indicators currently suggest that reserves are still abundant,” said Julie Remache, deputy manager of the bank’s System Open Market Account and Head of ...

By Michael S. Derby WASHINGTON (Reuters) -Federal Reserve interest rate-control liquidity facilities are set for a heavy-duty workout into the close of the month, with big implications for how much farther the U.S. central bank can take its balance sheet wind-down process. The Fed's reserve repo facility and its still largely untested Standing Repo Facility (SRF) are likely to see major inflows as banks and other firms navigate normal month- and quarter-end volatility, in an environment where central ban ...

流动性压力事件 - 美国银行在季度企业税支付截止日通过常备回购工具向美联储借款15亿美元以应对资金义务紧张 [1] - 同日美国财政部有约780亿美元债务结算支付与企业税支付共同加剧资金需求 [2] - 上述支付使美国财政部现金余额推升至超过8700亿美元 [2] 货币市场利率变化 - 担保隔夜融资利率（SOFR）上周五升至4.42% 创两个月新高 超过准备金利率（IORB）4.40% [3] - SOFR高于IORB表明国债担保融资需求异常 通常发生在国债拍卖结算期间 [4] - 利率倒挂现象由国债结算和企业税支付双重压力导致 属于短期技术性因素 [3][4] 融资工具使用情况 - 美联储常备回购工具（SRF）每日提供两次隔夜现金 接受国债等合格抵押品 [1] - 6月30日金融机构通过SRF借款111亿美元 创该工具四年以来单日最高借款纪录 [5] - 当前流动性压力被定性为典型季度性技术因素 非破坏性资金紧缩 [4][5]

流动性状况 - 美国国债票据发行量激增导致金融行业流动性减少 引发对9月资金市场压力的担忧[1] - 隔夜担保借款成本上升等流动性指标已显示压力信号[4] - 银行准备金达3.2万亿美元 远高于2019年水平[4] 历史对比与机制差异 - 存在重现2019年9月流动性短缺的轻微风险 当时隔夜融资成本因银行准备金大幅下降而飙升[2][3] - 美联储推出常备回购便利(SRF)机制 为银行提供紧急流动性支持[4] - 美联储持续缩减债券持仓已超过三年 加剧流动性关注[5] 潜在压力时点 - 政府7月提高债务上限后快速发行国库券 交易商预期可能出现压力[5] - 9月15日企业所得税缴纳日和季度末可能形成压力高峰 银行通常减少中介活动[5] - 9月历来波动较大 机构密切监控回购和前端融资利差[6] 市场影响与机构策略 - 流动性紧张可能降低股票和公司债等资产需求 产生市场连锁反应[1] - 部分投资者预留现金应对波动 预期信用利差扩大时将增持公司债券[6] - 政府借款增加通常伴随货币基金隔夜逆回购工具(RRP)需求下降或银行准备金减少[7]