Fed reinvests $15.6 billion, but this is not the start of the printing press
- —The $15.6 billion reinvestment does not increase the Fed's balance sheet, unlike QE
- —The pause in Reserve Management Purchases was extended until mid-October — the second month in a row
- —Reserves stood at $3.04 trillion on September 9 versus $2.85 trillion at the end of 2025
- —The RMP program ran at $40 billion per month in December 2025 and slowed to ~$10 billion by summer 2026
Why it matters: Traders expecting a liquidity inflow from the Fed may be wrong: the rate and balance sheet are unchanged, limiting fuel for risk asset gains.
Source: Crypto Briefing