There's an interesting data point worth noting—Federal Reserve surveys indicate that reserve management-related purchases could surpass $200 billion in the next year.

Here's the situation: The Federal Reserve has detected that reserve levels in the financial system are a bit tight (as evidenced by the surge in short-term financing costs), so they decided to step in and buy Treasury securities to ease the situation.

What is the plan of action? Initially, they will invest about $40 billion per month in purchases, then gradually reduce the amount based on circumstances. So far this month, they've already spent approximately $38 billion.

What does this mean for traders? This move by the Federal Reserve mainly aims to regulate market liquidity and prevent excessive tightening of funds. In the short term, sufficient reserve supply can stabilize financing costs and support market stability. However, how they adjust the purchase scale moving forward will depend on the actual reserve levels.