The recently released Federal Reserve December meeting minutes have sent an important signal. The policymakers generally believe that the reserve reserves in the banking system have reached a "sufficient" level. Based on this judgment, the Federal Reserve has decided to initiate short-term government bond purchases.

The purpose of this operation is straightforward— to ensure the stability of market interest rates and the smooth operation of financial markets. However, there is a key point to note: the Federal Reserve explicitly characterizes this operation as a "technical measure," meaning it does not represent a shift in the overall monetary policy stance.

What does this mean for the trading markets? The purchase of short-term government bonds will inject liquidity into the market, which typically has a positive effect on risk assets (including cryptocurrencies). At the same time, policymakers emphasize that this is merely a technical adjustment, implying that the Federal Reserve has no new policy signals regarding the interest rate path. Understanding this distinction is important—technical operations can alleviate market pressure but do not necessarily indicate a more accommodative monetary environment.