Roberto Perli of the New York Federal Reserve Bank reiterated on the 9th that the central bank can adjust the monthly purchase amounts of short-term Treasury bills under its reserve management purchases, depending on market conditions, to manage liquidity in short-term money markets. Perli noted that large net issuance of short-term Treasury bills will need to be absorbed this month and next, which could tighten markets and shift the reserve demand curve upward and to the right. He suggested the Fed may increase purchases going forward. He also said his team is ready to act as a review of balance sheet management tools proceeds under new Chair Warsh, and noted that while there are encouraging signs of usage of the standing repo facility, headwinds remain.