Federal Reserve just made a huge move — and few noticed. It quietly injected $29.4 billion into the banking system overnight. The largest liquidity boost in more than five years. Official data from FRED confirms it. The operation happened on October 31, 2025, through overnight repos — short-term loans where banks trade Treasuries for cash. It’s a signal the system is under real pressure. U.S. bank reserves have crashed to $2.8 trillion, a four-year low. The sharpest drop since 2020. That’s serious. When reserves fall, liquidity dries up. Funding markets tighten.