#美联储降息 $BTC $ETH $ZEC

The Federal Reserve suddenly takes action, purchasing $40 billion in Treasury securities each month—what is behind this decision?

Recently, the Fed announced the launch of a new round of asset purchases, with a monthly scale of $40 billion. Don’t be fooled by the name; this is not traditional quantitative easing, but a "technical intervention" aimed at addressing liquidity gaps. The root cause is straightforward: reserve buffer space has nearly been exhausted, and the banking system is facing year-end funding pressures, causing overnight rates to spike.

Why take action now? Remember the "cash crunch" crisis of 2019—short-term interest rates soared to 10%. This time, the Fed aims to prevent a similar scenario from repeating. Powell’s statement is also very candid: "The pace of tightening is faster than we expected." This statement alone indicates the severity of the situation.

What’s more noteworthy is that this move bypasses the usual reinvestment framework and directly targets the "vessels" of the financial system—the liquidity supply. Once reserve adequacy falls below a safe threshold, interbank lending costs rise, which can impact the entire market’s financing environment. Every link in the year-end funding chain could become a risk trigger, and fluctuations in global financial markets often originate from these details.

From the perspective of crypto assets, shifts in macro liquidity are often a key reference for market trends. In the short term, such central bank policy adjustments will continue to dominate market expectations.