#美联储降息 The Federal Reserve is playing new tricks again: Can liquidity rescue Bitcoin?

Yesterday, the core moves of the FOMC meeting were revealed: no full-scale QE, but rather the restart of the "RMP" plan—selling $40 billion of short-term U.S. bonds monthly, with an additional $20 billion in MBS converting into government bonds. Where is the real pain point? The overnight reverse repurchase market has been nearly exhausted for a month; the market has felt like it's been suffocated for two years. This move finally allows some breathing room.

In 2022, the Fed started "stomping on the brakes," directly freezing liquidity through balance sheet reduction. Now? The strategy has changed—shifting from extreme tightening to "gentle cruising." Bank reserves have stabilized, and there's no more need to worry about cash reserves. Meanwhile, the benchmark interest rate has been cut by 25 basis points to 3.50%-3.75%, and the dot plot indicates further easing next year. The market's reaction? It exploded last night: U.S. Treasuries plummeted, stocks, $BTC, and gold all rose together, and many remarked that this scene looks exactly like 2019.

But why is this more exciting than just a rate cut? It's simple—rate cuts address surface symptoms, but restarting bond purchases directly targets the root of the problem, effectively injecting fresh blood into the economy. Will Wall Street see a large-scale "reassessment" in the next three days? In an era of liquidity suffocation, perhaps the chapter is really coming to an end.