According to @Andre_Dragosch, the FOMC stated it will initiate the purchase of short-term Treasury securities as needed to maintain an ample supply of reserves on an ongoing basis, highlighting a reserve-management focus that can add banking system liquidity if activated (Source: Federal Reserve statement excerpt cited by Andre Dragosch on X, Dec 12, 2025). Dragosch also states the Fed has been buying at the long end despite QT and characterizes this as a return to asset purchases across the curve, which he flags as significant for market pricing of duration and liquidity risk (Source: Andre Dragosch on X; chart attribution: Econimica). For trading, monitor front-end bill yields versus ON RRP usage, weekly reserve balances on H.4.1, 2Y/10Y UST curve levels, USD DXY, and crypto liquidity proxies such as stablecoin net issuance to gauge cross-asset liquidity transmission, including potential impacts on BTC and ETH (Sources: Federal Reserve H.4.1 and ON RRP releases; U.S. Treasury yield data; ICE U.S. Dollar Index; public stablecoin supply dashboards).