What is the biggest highlight of the Federal Reserve's interest rate cut at 3am tonight? As is well known, a 25 point interest rate cut is basically a certainty. This can be seen from the rebound of Bitcoin and Ethereum that expectations have actually been met. And according to the usual inertia, it's almost always good news landing and bad news, so it's time to ship. Why do people not want to wake up from their dreams and still have certain expectations for the Federal Reserve to print money in disguise. That is to say, liquidity is more worthy of attention and expectation at tonight's interest rate decision-making meeting Although the Federal Reserve officially ended its balance sheet reduction (QT) in early December, market liquidity remains tight against the backdrop of a surge in Treasury bond issuances. There are different expectations in the market regarding this. Danske Bank holds a relatively conservative view, believing that liquidity has not yet become an urgent concern, and the Federal Reserve may have to wait until 2026 to announce gradual quantitative easing (QE), or only respond by fine-tuning the reserve balance rate (IORB). However, Bank of America (BofA) has made a bolder "non consensus" prediction: Powell may bring an additional "holiday surprise" to the market at this meeting - announcing the launch of the Reserve Management Purchases (RMP) program. Bank of America strategists believe that in order to maintain the "ample" reserves of the banking system and avoid a repeat of the liquidity crisis in September 2019, the Federal Reserve may announce that it will purchase about $45 billion of short-term treasury bond bonds every month from January next year. If the portion of MBS maturity returns reinvested is included, the Federal Reserve's monthly short-term bond purchases may reach up to $60 billion. It should be noted that this RMP operation is not traditional 'quantitative easing'. QE typically involves purchasing long-term bonds to stimulate the economy when interest rates are close to zero, while RMP aims to manage money market liquidity by purchasing short-term bonds to ensure that the "pipeline" of the financial system is not blocked. Although this may spark controversy over "disguised money printing" and inflation, it may be a key measure to provide the market with "certainty and confidence" in the current tightening repurchase market. If the Federal Reserve really takes this step, the focus on Thursday morning may be more on the balance sheet rather than interest rate decisions. Bitcoin