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这两天整理了下美国金融市场核心流动性指标的联动关系示意图。
1. 流动性传导链：
美联储购债/TGA变化 → 银行准备金 → RRP规模 → 短期利率 → 10年期收益率。
2. 政策与市场的博弈：
•美联储通过QE/QT和RRP利率调控流动性；
•财政部通过TGA和发债影响国债供需；
•市场通过收益率变化反馈至政策调整（如“收益率曲线控制”）。
3. 关键观察指标：
•RRP规模：预示流动性过剩或紧缺；
•TGA余额：反映财政政策与货币政策的协同性；
•10年期收益率：综合体现经济预期、通胀和货币政策效果。
4. 指标解释：
1. TGA（财政部一般账户）：美国财政部在美联储的存款账户，余额变化直接影响银行体系的流动性（TGA减少 → 流动性释放；TGA增加 → 流动性收缩... See more
I have invested in over 250 pre-seed startups, mostly in B2B software. The most successful ones have had some distribution tricks to quickly get their first happy customers.
Here are the Best (and worst) distribution wedges I have seen for Pre-Seed software startups.
in my testing, deepseek crushes western models on ancient chinese philosophy and literature, while also having a much stronger command of english than my first-hand chinese sources. it feels like communing with literary/historical/philosophical knowledge across generations that i never had access to before. it's quite emotionally moving. it makes s... See more
Team compatibility is of the utmost priority
Kyle Tibbitts • #19 — John Andrew Entwistle — Traveling into the future
An embarrassingly simple reframe has been pretty profound for me:
This is really hard, I must be doing something wrong
to
This is really hard, I must be doing something hard
The worst thing that can happen to your startup isn't failure. It's succeeding at building something small after taking venture funding.
You should be more afraid of local maxima. https://t.co/Gr62FOL1wH
Death is not an event in life: we do not live to experience death. If we take eternity to mean not infinite temporal duration but timelessness, then eternal life belongs to those who live in the present. Our life has no end in just the way in which our visual field has no limits.