News

Jinse Finance reported that the level of bank reserves in the United States is a key factor for the Federal Reserve's decision to continue shrinking its balance sheet. According to data released by the Federal Reserve on Thursday, bank reserves fell by about $5.9 billion in the week ending October 22, dropping to $2.93 trillion. This is the lowest level since the week of January 1. After the U.S. Treasury raised the debt ceiling in July, it increased debt issuance to rebuild its cash balance, which draws liquidity from other liabilities on the Federal Reserve's books, such as the Fed's overnight reverse repurchase agreement (ON-RRP) tool and bank reserves. Now, with the so-called ON-RRP tool nearly emptied, commercial bank reserves held at the Fed have continued to decline. Strategists from JPMorgan, Bank of America, as well as TD Securities and Wrightson all expect the Federal Reserve to stop shrinking its approximately $6.6 trillion balance sheet this month.

According to Jinse Finance, citing CCTV News, on October 23 local time, regarding the latest remarks by U.S. President Trump about a meeting between the U.S. and Russian leaders, Putin said that during his phone call with Trump on the 16th, it was Trump himself who proposed holding the meeting, and the location—Budapest, the capital of Hungary—was also suggested by Trump. Putin stated that if the meeting is handled hastily without adequate preparation, resulting in the failure to achieve the expected outcomes, it would be a mistake. Putin noted that given the current situation, the U.S. President decided to cancel or postpone the meeting; more precisely, Trump indicated a postponement. Putin reiterated that dialogue is always preferable to any form of confrontation and is far better than war. Therefore, the Russian side has always advocated for dialogue, and this position remains unchanged to this day.