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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
3/ You focus on self-improvement instead of self-understanding and authenticity
But a tiny acorn grows into a magnificent oak tree and it never says “I have to improve myself”
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