Fed Extends Pause on New Treasury Bill Purchases and Only Reinvests $14.6 Billion

The New York Fed will not add reserves through new Treasury bill purchases for a third consecutive month. It will keep reinvesting $14.6 billion from maturing securities between October 15 and November 13, according to the latest purchase schedule. The figure was first misstated as $15.6 billion and later corrected.

The distinction matters for crypto. Reinvestment replaces maturing agency debt and mortgage-backed securities with Treasury bills, so it does not expand the balance sheet. Headlines about billion-dollar Fed purchases can therefore look like fresh liquidity when they are mostly a swap that keeps the portfolio the same size.

The reserve management purchases that did add reserves began in December 2025 at about $40 billion per month, were cut to $25 billion, then to $10 billion, and are now at zero. Roberto Perli, who manages the System Open Market Account, pointed to a lower projected year-end Treasury cash balance, reserves in the higher part of the ample range, and about $400 billion of net bill issuance absorbed in July and August with only modest repo pressure.

Markets expect reserve management purchases to resume in mid-November, but that is a forecast, not a Fed commitment. With the FOMC meeting on October 27-28 close, traders should treat the bill schedule as background, not as a bullish liquidity signal for bitcoin.

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Sources:

• Roic News: Fed Pauses Reserve-Management Purchases for Third Straight Month
• Coin Gabbar: Fed Liquidity Treasury Bill, $15.6B Move Puts Crypto on Alert