#美联储回购协议计划 The Fed performed a major operation on December 22, 2025 - injecting liquidity into the financial system. But don’t get it confused, this is not quantitative easing.

In simple terms, the Fed is injecting money through repurchase agreements (Repo). Why? There are actually three reasons: first, to cope with the peak funding demand at the end of the year; second, to prevent any issues in the banking system; third, to guard against the simultaneous occurrence of quantitative tightening wrapping up and money market funds moving, otherwise, if reserves tighten, short-term interest rates could explode in no time.

How does Repo work? The logic is actually quite straightforward - the Fed uses high-quality assets like government bonds as collateral to lend short-term cash to banks. After a day or two, the collateral is repurchased. That's it. This move, in simple terms, is like "injecting glucose" into the banking system's liquidity to help it get through the year-end hurdle. $BTC$ETH

But there is a detail worth pondering: from using only $40 billion in the standing repo facility each month to the Fed now actively increasing its intervention in the repo market, this is no longer a "routine procedure." This is the market pressure ringing alarm bells. The real risk signals often come faster and more authentically than official data.