According to data released by the Federal Reserve, the effective federal funds rate in the United States was 4.33% on April 1, with a trading volume of $112 billion, and also 4.33% on March 31, with a trading volume of $78 billion. This indicates that after entering April, the market's expectations for the federal funds rate have remained stable, with no significant changes or signs of panic. The current short-term liquidity situation is stable, and there are no special signs of capital tension or relaxation. The overnight lending trading volume among market participants increased by 43%, indicating a possible liquidity adjustment at the beginning of the quarter (starting from Q2). Institutions are adjusting their positions, settling or deploying funds, but because interest rates have not changed, the increased liquidity has not pushed up the cost of short-term financing, indicating that the market is still abundant. Under the premise of unchanged interest rates, the trading activity of the federal funds market has increased, and the demand for market liquidity has risen in stages, but overall it remains stable and there is no interest rate pressure. To put it simply, the liquidity of the US dollar has not become further tight, and there is an upward trend in the market's demand for funds. If funds are really tight, the EFFR (Effective Federal Funds Rate) should rise instead of remaining at 4.33%. In other words, funds are currently being deployed, not withdrawn.