#美国经济政策走向 Looking back at the economic cycles of these years, U.S. fiscal policy has always played a crucial role. I just saw the news about a significant downtrend in TGA for the first time, which inevitably reminds me of the situation after the 2008 financial crisis. At that time, in response to the crisis, the Federal Reserve injected liquidity on a large scale, and TGA also experienced similar changes.

It now seems that the recent drop in TGA may indicate an improvement in market liquidity. The change from $959 billion to $925 billion, a reduction of $34 billion, is significant. Considering recent factors such as the government shutdown and quantitative tightening, this release of funds is likely to alleviate pressure on the financial system.

However, history tells us that the effects of policies often lag behind expectations. Market reactions may take some time to fully manifest. We also need to closely monitor the coordination of subsequent fiscal and monetary policies, as well as their impact on the real economy. After all, past successful cases have shown that the balance and stability of macro policies are key to long-term economic health.