The Federal Reserve’s latest move was outwardly framed as a response to “slowing employment,” but its true purpose was unmistakable: to relieve pressure in the short-term funding market and stabilize the financial system’s core. As bank reserves fell below $3 trillion , repo rates spiked and the Standing Repo Facility (SRF)  saw surging usage. The Fed could no longer stand by. The result was clear: the end of quantitative tightening (QT), a temporary $40 billion “lite QE,” an