The Fed's intervention in funding markets, while not officially labeled Quantitative Easing, directly helps the Treasury finance its debt, effectively monetizing it and providing critical liquidity to markets.
Beyond its stated goals of employment and price stability, the Fed's recent aggressive asset purchases show its primary role is often to ensure smooth market functioning, making it dependent on market signals.
Despite the Fed's larger-than-expected asset purchase program, the primary near-term risk is that it may still fall short of the reserves needed for smooth market function, echoing the 2019 repo crisis.