TechFlow, November 13 — Mounting pressures in the $12 trillion global bond market, a critical source of daily financing for Wall Street, are triggering growing calls for the Federal Reserve to take stronger measures to ease strains. Companies including Bank of America and Barclays have warned the Fed may need to act—such as increasing lending in short-term markets or directly purchasing securities—to inject funds into the banking system and relieve pressure pushing up overnight rates. Gennadiy Goldberg, head of interest rate strategy at TD Securities, said: “Given recent stresses, the Fed appears to be only gradually shifting its balance sheet policy. Some investors believe the Fed’s actions may be too slow to prevent reserve scarcity.” Despite the Fed’s recent announcement to halt the reduction of its U.S. Treasury holdings starting December 1, pressures persist, and some worry that even resolving government gridlock won’t fully address the issue. (Jinshi)
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