A friend mentioned that SOMA purchased over $20 billion worth of 3-year US Treasury bonds this time. Is it possible that the Federal Reserve is secretly implementing QE. In fact, this does not mean expanding the balance sheet, let alone QE. It is just the Federal Reserve's reinvestment operation on bonds that are about to mature, simply put, "buying new bonds when old bonds mature", without increasing the total size of the balance sheet. So this belongs to the continuation within the table, which is a neutral operation to maintain market supply and demand stability, not to release or collect water.