According to recent Fed meeting notes, policymakers have stressed a critical distinction: Treasury purchases are purely operational tools aimed at stabilizing rates and ensuring smooth market functioning. They're not monetary policy moves in disguise. This clarification matters—the market's been parsing every detail on whether the Fed's intervention signals fresh easing or just plain plumbing work. The takeaway? Don't read too much stimulus into the mechanical acts of rate control. Clarity on this front helps traders and investors set proper expectations around liquidity flows and how central bank actions might ripple through risk assets, including the crypto space.