Recently, the US Federal Reserve (referred to as Fed) accepted $291.958 billion from 60 counterparties in its fixed-rate reverse repo operation, this figure marks the first instance of daily usage scale falling below $300 billion since 2021. This change reflects the delicate balance between market demand for liquidity and Fed policy. As one of the tools used by the Fed to manage short-term interest rates and market liquidity, changes in reverse repo operations are often considered as an important indicator of market expectations and economic activity. With this scale dropping to the lowest point of 2021, market participants may need to reassess the current monetary policy environment and future liquidity trends.