**[The Federal Reserve Pauses Reserve Management Treasury Purchases for the Second Consecutive Month]** Jin10 News, September 15 – The Federal Reserve announced on Monday that it will not conduct U.S. Treasury purchases for reserve management purposes during the next cycle, marking the second consecutive month of such a pause. This indicates that policymakers believe the current level of bank reserves in the financial system is adequate. The New York Fed's Open Market Operations department plans to refrain from conducting reserve management purchase operations during the monthly cycle ending October 14. However, the department still plans to carry out approximately $15.6 billion in reinvestment purchases during the same period. The Fed's decision to pause reserve management purchases reflects its confidence in the functioning of the funding markets. This confidence is also evident in the Secured Overnight Financing Rate (SOFR), which has remained near or below the Interest on Reserve Balances (IORB) rate for most of the past month. Meanwhile, the U.S. Treasury has reduced the supply of Treasury bills ahead of the quarterly tax payment deadline. This change does not signify a shift in the Federal Reserve's monetary policy or balance sheet strategy. (Note: The "reserve management purchases" mentioned here are primarily aimed at adjusting the level of bank reserves in the system and are not equivalent to traditional quantitative easing. The Federal Reserve continues to conduct MBS reinvestment operations, which are part of its balance sheet management.)