On June 1, the Federal Reserve officially reduced its balance sheet, reducing its monthly total holdings by $47.5 billion
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On June 1, the Federal Reserve started to shrink its table, reducing its holdings of US Treasury bonds and MBS (mortgage-backed securities) by a total of US $47.5 billion per month and will raise the upper limit of the shrinking table to the US $95billion per month in three months. The “quantitative tightening” affected the financial market, and the US stock market fell overnight, ending the “three consecutive rises”.

In the past month, the world has experienced a crazy “sell in May” – the NASDAQ index of the United States fell by nearly 30%, and emerging market stocks and bonds were sold off by international funds. Although the Shanghai composite index rebounded in May, it still fell by nearly 12% compared to last year’s end. The global stock market value has evaporated $20trillion from its peak of $120trillion at the end of last year to its low in May, and 2/3 of the market value growth since the outbreak of the epidemic has evaporated. However, global inflation is currently high. The international oil price is approaching the $120 per barrel mark again, the tightening road of the global central banks has just begun, and traders have tightened their safety belts. The domestic PMI has been below the boom and bust line for three consecutive months, the unemployment rate is rising step by step, and various layoffs and salary cuts continue to be reported; In terms of policies, it is clear that we should make full efforts to stabilize the overall economic market, advocate the banking industry to make profits, make every loan available, and cut the interest rate of housing loans everywhere;

In contrast, in the United States, the PMI has been above 50 for a long time, with high inflation and many job vacancies. To retain talent, some American enterprises have also announced plans for salary increases, such as Microsoft and Amazon; Under pressure, the Federal Reserve vigorously promoted the interest rate hike and table contraction to reduce liquidity and tighten the currency.

The impact on the domestic market will be greater when the RMB is devalued against the US dollar. There may be many US dollars flowing back and foreign capital withdrawing.

US government debt ratio
The ratio of US Treasury bond size to GDP




国内PMI 已连续三个月在荣枯线之下,失业率步步走高,各种裁员降薪消息不断;政策方面,明确要全面发力,稳住经济大盘,倡导银行业让利,应贷尽贷,各地房贷纷纷降息等;



US government debt ratio
The ratio of US Treasury bond size to GDP
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