Odaily星球日报讯 Tickmill Group 的分析师蒙内利在一份报告中说，美联储会议上可能出现政策调整的是量化紧缩计划。最近的会议纪要强调，由于迫在眉睫的债务上限问题，“未来几个月外汇储备可能出现大幅波动”。这位市场策略师表示，这可能促使美联储“考虑暂停或放慢缩减资产负债表的速度”。他说，对量化紧缩计划的任何调整都可能被视为美联储发出的谨慎和温和的信号。（金十）

Odaily星球日报讯 Tickmill Group 的分析师蒙内利在一份报告中说，美联储会议上可能出现政策调整的是量化紧缩计划。最近的会议纪要强调，由于迫在眉睫的债务上限问题，“未来几个月外汇储备可能出现大幅波动”。这位市场策略师表示，这可能促使美联储“考虑暂停或放慢缩减资产负债表的速度”。他说，对量化紧缩计划的任何调整都可能被视为美联储发出的谨慎和温和的信号。（金十）

Tickmill Group：美联储可能调整量化紧缩政策

Odaily report: Monelli, an analyst at Tickmill Group, said in a report that the policy adjustment that may appear at the Federal Reserve meeting is the quantitative tightening plan. The recent meeting minutes emphasized that due to the imminent debt ceiling issue, "foreign exchange reserves may experience significant fluctuations in the coming months". The market strategist said this could prompt the Federal Reserve to "consider pausing or slowing the pace of balance sheet reduction". He said that any adjustment to the quantitative tightening plan could be seen as a cautious and moderate signal from the Federal Reserve. (Jinshi)

Odaily report: Monelli, an analyst at Tickmill Group, said in a report that the policy adjustment that may appear at the Federal Reserve meeting is the quantitative tightening plan. The recent minutes emphasized that due to the imminent debt ceiling issue, "foreign exchange reserves may experience significant fluctuations in the coming months". The market strategist said this could prompt the Federal Reserve to "consider pausing or slowing the pace of balance sheet reduction". He said that any adjustment to the quantitative tightening plan could be seen as a cautious and moderate signal from the Federal Reserve. (Jinshi)

Tickmill Group: The Fed may adjust its quantitative tightening policy

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ChainCatcher report, according to Wall Street Journal reporter and "Fed mouthpiece" Nick Timiraos, Federal Reserve officials will consider adjusting their $6.8 trillion asset holding reduction policy. Over the past three years, the Fed has been reducing its portfolio of U.S. Treasuries and mortgage-backed securities accumulated during previous stimulus programs, including measures to stabilize the market during the 2020 pandemic. Currently, the Fed may choose to pause or slow down this balance sheet reduction process. This move aims to avoid a repeat of the 2019 situation, when the balance sheet reduction led to stress in the overnight funding market, forcing the Fed to pivot and expand its holdings. Roberto Perli, the New York Fed official responsible for overseeing the balance sheet implementation, said this month that pausing the balance sheet reduction would be a "tactical decision" and "would not change the ultimate goal." RBC Capital Markets interest rate strategist Blake Gwinn pointed out that pausing the balance sheet reduction is reasonable because "the debt ceiling will distort these signals." Currently, the Fed allows up to $25 billion in Treasuries and $35 billion in mortgage-backed securities to mature without reinvestment each month. As the holdings decrease, bank reserves also decline. However, the debt ceiling issue may disrupt this process, as the Fed is also the government's banker. Analysts expect the Fed may pause the balance sheet reduction for a few months until the debt ceiling is raised, and then resume after the Treasury rebuilds its cash balance. Gwinn said that if the economy deteriorates, this "pause" could also turn into a "stop," prompting officials to end this form of policy tightening.

"Fed mouthpiece": Fed considers adjusting balance sheet reduction plan to meet debt ceiling challenges

Table of Contents
- c 1. Interest Rate Decision and Policy Stance
- Whether to maintain the interest rate unchanged:
- Policy statement wording:
- 2. Economic Forecast Adjustment (SEP)
- Growth and Unemployment Rate:
- Inflation Path:
- Market Impact:
- 3. Dot Plot's Rate Cut Signals
- Median Number of Rate Cuts in 2025:
- Long-Term Neutral Rate (r*):
- Degree of Committee Divergence:
- Market Impact:
- 4. Adjustments to the Quantitative Tightening (QT) Plan
- Pace of Balance Sheet Reduction:
- Reinvestment Strategy:
- Market...

Focus of the Fed meeting on Thursday: interest rate dot plot, quantitative tightening adjustments, tariff impact assessment...

The policy statement from the Federal Reserve and Powell's speech will undoubtedly set the tone for the short-term direction of the <cryptocurrency> market.

Tickmill Group: The Fed may adjust its quantitative tightening policy

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