【Former Morgan Stanley Trader States: The Essence of the Federal Reserve's Debt Purchase Plan Remains QE, Stablecoins Have Become the Most Urgent 'Monetary Quality' Issue】

Former Morgan Stanley trader Jeff Park recently expressed sharp analysis on social media, pointing out that the Federal Reserve's recently launched "Reserve Management Purchase Program" is nominally "reserve management", but in essence still a variant of quantitative easing—upgrading from "quantitative easing" to "qualitative easing".

🔄 "Qualitative Easing": The Federal Reserve's New Rules of the Game?

Park pointed out that under a system of ample reserves, reserves have a 0% risk weight due to LCR regulations, and the flexibility of the balance sheet far exceeds that of short-term Treasury bonds. This explains why the Federal Reserve quietly relaxed SLR rules before Thanksgiving and rapidly announced a $40 billion monthly debt purchase plan within two weeks before ending QT. In his view, "short-term Treasury bonds are merely 'near money', while reserves are the 'perfect money'".

💸 Stablecoins: Challenging the Definition of Traditional Monetary Quality

Park further proposed that stablecoins have become the most urgent "monetary quality" issue at present. As digital assets increasingly penetrate the financial system, stablecoins, with their efficient circulation and seamless cross-border transfers, are reshaping the form of money and financial infrastructure, which also explains the reality that "cryptocurrencies are fundamentally impossible to disappear".

📈 Macroeconomic Impact: Liquidity Structure is Being Restructured

This analysis reveals a deep transformation in the Federal Reserve's policy framework: by "replacing" short-term Treasury bonds with reserves, it is still injecting liquidity into the system, albeit in a more concealed form. At the same time, stablecoins, as privately issued "quasi-money", are forming a relationship that is both complementary and competitive with the traditional reserve system.

When central bank liquidity management meets private monetary innovation, a deep transformation regarding "what is money" has quietly begun. Thank you for liking and following. $BTC $ETH $SOL #美SEC代币化股票交易计划