#数字资产市场动态 The Federal Reserve is set to inject $8.3 billion in liquidity tomorrow. But don’t interpret this as a "stimulus package"—it’s actually a routine operation of reserve management.

Why do they do this? By the end of 2025 and into early 2026, just in time for the peak tax season and government bond issuance. During this period, bank reserves tend to tighten, and the Fed needs to proactively stabilize the system. Their approach is to buy short-term government bonds, directly injecting cash into the market. In simple terms, it’s to prevent wild swings in indicators like the overnight borrowing rate (SOFR), ensuring smooth blood flow in the financial system and preventing liquidity shortages.

This is purely technical liquidity management—the goal is to stabilize interest rates, which is completely different from the quantitative easing (QE) of 2020. Back then, QE was aimed at stimulating the economy, with large scale, long duration, and clear objectives. Now, it’s just routine maintenance. Understanding this distinction is key to grasping recent trends in the financial markets.