Data 10 November, Citic Securities report stated, along with the massive use of reverse repo tools (RRP) by the Federal Reserve, QE and QT began to have close ties with the Jaminan market, and affecting the interest rate spread of US bonds. We believe that the substantial increase in RRP initiated in 2021 has led to a downward trend and negative transformation of the interest rate spread. Meanwhile, the reduction of RRP after 2023 has driven the narrowing of the interest rate spread and the credit expansion of non-banking sectors. We expect that the QT policy will reach a turning point by late next year, and in combination with the interest rate reduction policy, it will widen the interest rate spread of US bonds, while the long-term central tendency of US bond Suku Bunga may be difficult to decrease.
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CITIC Securities: Diperkirakan bahwa kebijakan QT Federal Reserve AS akan mencapai titik balik hingga akhir tahun depan
Data 10 November, Citic Securities report stated, along with the massive use of reverse repo tools (RRP) by the Federal Reserve, QE and QT began to have close ties with the Jaminan market, and affecting the interest rate spread of US bonds. We believe that the substantial increase in RRP initiated in 2021 has led to a downward trend and negative transformation of the interest rate spread. Meanwhile, the reduction of RRP after 2023 has driven the narrowing of the interest rate spread and the credit expansion of non-banking sectors. We expect that the QT policy will reach a turning point by late next year, and in combination with the interest rate reduction policy, it will widen the interest rate spread of US bonds, while the long-term central tendency of US bond Suku Bunga may be difficult to decrease.