Explain the logic behind these data points; I've been asked multiple times and feel I haven't communicated it clearly.
The significance of the overall data lies in the moment on December 1st when the data changed, ceasing #QT #缩表 . The shifts between accounts reflect market enthusiasm and whether there are issues.
The first data point shows that the reserve indicator has decreased, which is a bit sensitive; Mr. Bao's view on risk differs from that of JPMorgan Chase.
The second data point, securities holdings, has two balance sheet disclosures that span over December 1st, showing a normal decrease, which is also a historical record.
The fourth data point indicates that your repurchase agreements have increased, suggesting a weak willingness to hold assets, opting to lend out money in cash to earn profits.
The third data point, the repurchase agreements, shows that short-term funding has expanded. The liquidity that decreased above is supplemented by this, preventing any issues. Personally, I feel that this part is what can be worked on before the balance sheet expansion. It's like a rubber band, flexibly filling the liquidity gap.
Stopping the balance sheet reduction is a historical moment; it serves as a record of the current situation, reflecting a lack of enthusiasm and no significant issues. What about the future? It may improve with the arrival of quantitative easing, so let's continue to track it.