On December 12, former Morgan Stanley NFA trader Jeff Park wrote on the X platform that although the reserve management-driven purchase plan recently announced by the Federal Reserve is called "reserve management", it is still QE in essence, but it has been upgraded from "quantitative easing" to "qualitative easing".
Under the ample reserve system, reserves have perfect balance sheet flexibility due to a 0% risk weight under the LCR, far better than short-term Treasury bonds. This also explains why the SLR rules were suddenly relaxed before Thanksgiving and the $40 billion-a-month purchase plan was quickly announced two weeks before the end of QT.
Short-term Treasuries are, in short, the "approximate currency," while reserves are the "perfect currency." Moreover, Jeff Park adds, stablecoins are the most pressing "money quality" issue of the moment, which is why cryptocurrencies are simply not going away.
Analysis: The essence of the Federal Reserve's new bond purchase plan is still QE, and stablecoins are the most urgent monetary quality issue at present
2025-12-12 04:10:12
Disclaimer:
1. The information provided does not constitute investment advice. Investors should make independent decisions and bear all risks themselves.
2. The copyright of this content belongs to the original author. The views expressed herein are solely those of the author and do not represent the stance or position of this website.
Previous article：
分析：美联储新购债计划本质仍是 QE，稳定币是当下最紧迫的货币质量问题Next article：
Polymarket周交易量创历史新高，交易额全品类增长
