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$BNB Traders at the New York Fed are monitoring every movement of the overnight repurchase rate through computer screens, knowing that against the backdrop of severe fluctuations in the U.S. Treasury market caused by Trump's tariff policies, any small liquidity gap could quickly evolve into a 'cash crunch' like in 2019.

When Federal Reserve officials begin to frequently discuss 'normalizing early settlement operations' and 'removing the permanent repurchase limit', the market has already sensed a change in policy direction.

This system, known as the 'ample reserve framework', is balancing on a tightrope between increasing interest rate volatility and potential liquidity strains through a series of sophisticated tools.