#数字资产动态追踪 The Federal Reserve's latest actions have sparked widespread market attention. According to recent surveys, the Fed may net purchase $220 billion in government bonds over the next 12 months, averaging about $40 billion per month. The primary goal of this move is to manage reserve levels and address the liquidity pressures currently facing the monetary markets.

From the December meeting minutes, it is evident that Fed officials generally recognize a phenomenon: the speed of short-term interest rate increases has already exceeded the levels seen during the 2017 balance sheet reduction period. Pressure in the repurchase agreement market continues to build, approaching a critical point. To maintain the stability of the financial system, especially to protect the $12.6 trillion reserve system, the Fed has decided to restart bond purchase operations.

Current data reflect systemic tension. The SOFR rate has risen to 3.77%, 12 basis points above the reserve rate. This spread itself sends a clear signal: there is a significant liquidity gap in the market.

However, this round of market rescue also raises several questions worth pondering. First, how long can the bond purchase policy continue? Second, will the balance sheet reduction come to an end? Some officials are also concerned that ample reserves might foster speculative behavior. Although the standing repo facility has been included in discussions, its practical application is limited due to market resistance to "borrowing" psychology.

Looking ahead to early 2026, the Fed is indeed at a critical crossroads. Whether this round of operations is a necessary measure to stabilize the overall situation or a hidden risk for the next market turmoil remains to be seen. For cryptocurrencies like $ETH, $ZEC, $SUI, the Fed's liquidity policy changes often trigger chain reactions, making close monitoring essential.