Everyone is eagerly awaiting the Federal Reserve's decision on interest rate cuts, but what they got was not that. The New York Fed suddenly announced that the daily $500 billion hard cap has been lifted.

From now on, liquidity? Whatever you want, no cap.

This is no longer regular open market operations; it's like building a direct water canal to the Pacific during the market's most water-scarce times. Most people may not have realized what this means yet.

To put it simply, this is a clear signal: "I can hold back, but you can't lack blood." In the past, there was fear of liquidity flooding the market; now, the concern is drought. Especially after the lesson of the overnight rate suddenly spiking to 10% in 2019, the Fed has learned its lesson—rather than waiting until the situation becomes truly suffocating and then rushing to rescue, it's better to keep the water gates fully open now.

So the question is, what does this mean for the chips we hold?

On one hand, this is the most blatant "opening the floodgates" signal. They may sound tough, but their actions are honestly giving the market blood. Once liquidity is abundant, the first to stir are risk assets with high elasticity like ours. When water flows out, it has to go somewhere; smart money always knows how to sniff out opportunities.

On the other hand, this also shows that the Fed feels somewhat helpless. Whether it's pressure from trade policies or shocks from bond market volatility, these are forcing the central bank to take action. The current stance is very clear—stabilizing the market is the top priority.