Roberto Perli of the New York Federal Reserve has indicated that the Fed will soon begin purchasing assets to address rising overnight funding costs, which suggest that bank reserves are no longer sufficient. In prepared remarks for a conference co-hosted by the New York Fed, Perli highlighted that several indicators, including increasing money market rates, point to a need for action to maintain desired liquidity levels. As the overseer of the Fed's securities portfolio, Perli's comments underscore the urgency of the situation.