BlockBeats News, December 9th. According to foreign media analysis, the Federal Reserve officially ended its balance sheet reduction on December 1st. Bank reserves have decreased to historically tight financing-related levels, and the Secured Overnight Financing Rate (SOFR) has periodically tested the upper limit of the policy rate corridor. The evolving situation indicates that the U.S. banking system is gradually entering a liquidity crunch. Against this backdrop, the most important signal from the FOMC may not be a 25 basis point interest rate cut, but rather the direction of its balance sheet strategy. The Federal Reserve is expected to clarify, either directly or through its implementation note, how it intends to transition to a Reserves Management Purchase program (RMP). According to Evercore ISI's forecast, this program could potentially start as early as January 2026, with monthly purchases of around $35 billion in Treasury securities, resulting in an annual balance sheet growth of over $400 billion. (Jin10)