Standing Repo Facility (SRF)
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Fed's Standing Repo Facility hits record high as policy meeting outcome looms
Yahoo Finance· 2025-10-30 00:20
By Michael S. Derby NEW YORK (Reuters) -The Federal Reserve's Standing Repo Facility on Wednesday recorded the highest level of usage since its launch in 2021, as central bankers are widely expected to announce an end to their balance sheet drawdown. Eligible financial firms took slightly over $10 billion in loans from the facility, widely known as the SRF. Collateralizing that borrowing was $2 billion in Treasury bonds and $8.2 billion in mortgage-backed securities. Despite the record borrowings, SRF v ...
Bitcoin Tumbles Below $109K; Tightening Liquidity Key to Crypto's Struggles
Yahoo Finance· 2025-10-16 23:58
加密货币市场表现 - 比特币价格在过去一小时内下跌约2%至108,800美元,几乎回吐了上周五大跌后的全部反弹幅度 [1] - 以太坊、XRP和Solana等其他主要加密货币跌幅更大,在过去六十分钟内均下跌约3% [1] - 加密货币价格大幅下滑,而黄金和白银则持续创下历史新高,形成鲜明对比 [1] 贵金属市场表现 - 黄金价格继续上涨2%,创下略低于每盎司4,300美元的历史新纪录 [2] - 白银价格上涨3.6%,同样创下历史新高 [2] 流动性收紧及其影响 - 金融系统流动性收紧是导致比特币等主要代币承压的可能催化剂,这抑制了投资者的风险偏好 [3] - 担保隔夜融资利率与有效联邦基金利率之间的利差在一周内从0.02上升至0.19,达到自2024年12月以来的最高水平,表明流动性持续收紧 [4] - 当SOFR高于EFFR时,表明即使有美国国债作为抵押的担保借款,贷款人也要求更高回报,这标志着流动性状况紧张且短期借款成本上升 [7] - SOFR代表在回购市场中以美国国债作为抵押品的隔夜现金借贷成本,被视为几乎无风险的担保利率 [5] - EFFR表示银行在联邦基金市场中向其他银行隔夜拆借超额准备金的加权平均利率,是受美联储货币政策影响的无担保银行间拆借利率 [6] 流动性压力的其他迹象 - 银行从常备回购便利工具中提取了67.5亿美元,这是自冠状病毒大流行结束以来(不包括季度末)的最高金额,是资金压力的另一个迹象 [8] - 常备回购便利工具于2021年推出,通过提供以美国国债为抵押的每日两次隔夜现金贷款,在潜在资金短缺时作为流动性后盾 [9] - SOFR-EFFR利差目前仍远低于2019年回购危机期间观察到的2.95的高点 [8]