<p>The Federal Reserve has stopped shrinking its balance sheet, marking the end of the "quantitative tightening" era. The market is focused on the potential launch of RMP (Reserve Management Purchases), which may lead to a monthly net increase of $20 billion in liquidity. Whether the Federal Reserve can stabilize the turmoil in the repurchase market and reshape the direction of monetary policy has become the most watched point on Wall Street</p>

- The Federal Reserve has officially ended its quantitative tightening (QT) era and may soon enter a new phase of balance sheet expansion, referred to as Reserve Management Purchases (RMP).  
- Analysts predict that the Fed could announce monthly purchases of $35 billion in short-term Treasury bills starting in January, aiming to ensure sufficient liquidity in the financial system.  
- The upcoming Fed meeting will be crucial for determining the timing and scale of RMP, which is expected to influence market liquidity and interest rates significantly.