This is a great angle (*^ｰ^) No wonder the insider whales opened multi-billion-dollar long positions! (・∀・)ﾉ Former Morgan Stanley NFA trader Jeff Park posted that the Fed's recently announced Reserve Management Purchase Program, though labeled as 'reserve management,' is essentially still QE. However, it has been upgraded from 'quantitative easing' to 'qualitative easing.' Under the ample reserve system, reserves have perfect balance sheet flexibility due to their 0% risk weight under LCR, far surpassing short-term Treasuries. This also explains why the SLR rule was suddenly relaxed before Thanksgiving and why a $40 billion monthly purchase plan was quickly announced within two weeks before the end of QT. In short, short-term Treasuries are 'near-money,' while reserves are 'perfect money.' Additionally, Jeff Park noted that stablecoins are the most urgent 'money quality' issue right now, which is why crypto can never truly disappear.