According to Tencent Securities, the Fed is stepping up its buyback operations to maintain the efficient operation of the overnight loan market. The current situation is that people are worried that as 2019 comes to an end, the problem may be more and more. According to a statement issued by the New York Fed, in addition to the daily operations it has been performing, the New York Fed will also take several additional plans to inject at least another $ 425 billion into the overnight loan market. These new plans will require a longer-term repurchase operation that will run until the end of this year with a sale amount of at least $ 50 billion. In addition, overnight repurchase operations on December 31 and January 2 next year will increase to at least $ 150 billion. Finally, the New York Fed's open market trading desk will offer $ 75 billion in repurchases on December 30 and expire on January 2 next year.