On December 1, the Fed injected $13.5 billion into the market through overnight repurchase operations—how exaggerated is this number? It is second only to the scale during the pandemic in 2020 and even surpasses the intensity of operations during the internet bubble in 2000.

Let's first talk about what this "overnight repo" really is. Simply put, when banks are short on cash, they pledge government bonds to the Fed to borrow money, and then pay it back with interest the next day. For banks, it's a lifeline, and for the Fed, it's a switch to adjust market liquidity.

What does this big move mean? In the short term, it can definitely be considered a significant positive development. Once liquidity returns and banks have money, they will either lend or invest, and the money in the entire market will come to life. The stock market, bond market, and cryptocurrency market may all rise accordingly.

The more critical point is that the Fed is willing to intervene, which indicates that it is monitoring the market and will not sit idly by while risks spiral out of control. When the market is in a panic, it is often the moment when opportunities arise. Remember this logic: when others are fearful, liquidity is your friend.