We show that the likelihood of a liquidity crunch in wholesale US dollar funding markets depends on levels of reserve balances at the financial institutions that are the most active intermediaries of these markets. Heightened risk of an imminent liquidity crunch is signaled by significant delays in intra-day payments to these large financial institutions over the prior two weeks. Our study contributes to the broader dialogue surrounding the Federal Reserve’s ongoing quantitative tightening (QT).

中文翻译：

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毕竟储备金并不那么充足


我们表明，在批发美元融资市场中，流动性紧缩的可能性取决于作为这些市场最活跃中介的金融机构的准备金余额水平。过去两周向这些大型金融机构支付的日内付款严重延迟，表明即将出现流动性紧缩的风险增加。我们的研究有助于围绕美联储正在进行的量化紧缩 （QT） 进行更广泛的对话。