Rising bond yields and persistent liquidity pressures on smaller U.S. banks are fueling expectations for a potential return to Federal Reserve quantitative easing (QE). Despite a cumulative 150 basis point rate cut since September 2024, 10-year and 30-year bond yields remain elevated, indicating investor skepticism about the sufficiency of current monetary policy. Smaller banks' continued reliance on emergency liquidity facilities highlights the inadequacy of short-term measures, prompting major financial institutions like UBS and Bank of America to predict new Fed initiatives to bolster reserves and manage liquidity. With global central banks, including those in China and Japan, easing their policies, the Fed faces mounting pressure to act. A resumption of asset purchases could potentially enhance risk assets and support cryptocurrencies, echoing past cycles.