According to Jinshi, the Federal Reserve may withdraw from the Bank Term Funding Program (BTFP) in March, which will mean that foreign exchange reserves, as well as liquidity, will face additional and continued resistance until 2024. This increases the possibility that the Federal Reserve will cut interest rates earlier this year. The BTFP was created after the Silicon Valley Bank crisis to help troubled banks obtain liquidity when bond prices fell. However, its use has jumped to more than $140 billion in recent months. The expiration of the BTFP will mean that foreign exchange reserves will be drained again as these loans mature during the year. In this new model, the Federal Reserve now seems to be focused on liquidity, which increases its reason for possibly cutting interest rates earlier this year. The market currently expects a 17 basis point rate cut at the March 20 meeting.