There was a frantic feeling to Monday’s transfer deadline day - well, more frantic than usual.

The final day of the market can often feel volatile and unpredictable but this was a particularly suspenseful-filled watch. There was a sense of desperation from certain clubs.

Manchester City increased its spending to £180m ($224m) - more than the other 19 Premier League clubs combined - with the capture of Nico Gonzalez, a deadline-day signing made strangely after weeks of prioritizing recruitment elsewhere. Then there was Aston Villa, who paid £5m ($6.2m) for Axel Disasi’s loan from Chelsea and also added Marcus Rashford and Marco Asensio to its ranks in the last 24 hours of the market.

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Disasi had looked destined for Tottenham Hotspur at one stage, while reports also indicated Marc Guehi and Maxim Esteve were subject of late bids, just days after Lens center-back Kevin Danso joined on loan. Manchester United, ever the model of chaos and inattentiveness, also trawled through its little black book of transfer targets before deciding it can survive without attacking additions.

However, amid the madness, there was no sense of urgency at Kirkby. Other than a few youngsters departing on loan, news was scant on possible arrivals at the Premier League leaders ahead of what should be a momentous second half of the season.

That feeling of calm is testament to Liverpool’s planning and infrastructure. There are no obvious holes that need to be filled in Arne Slot ’s side as it hunts down a record-breaking 20th top-flight title and is still alive in three cup competitions.

And yet, such is the nature of modern football that there were serious calls for FSG to make additions this window, especially after a summer market in which only Federico Chiesa was purchased - and he’s yet to start a Premier League game.

Petitions from short-sighted fans is one thing, but it was surprising how many journalists and pundits suggested January could be the time to strengthen from a position of power. Jamie Carragher even led calls for the Reds to bring in a new left-back midway through the season, overlooking the issues that owning three left-sided full-backs at the same time would have for Slot.

FSG ignored those suggestions and opted against making any signings and what would have been an easy PR victory. It may be needed when fans see new data that shows Liverpool spent £34.7m ($43.1m) this season on transfers, the lowest in the Premier League and less than a fifth of the funds Brighton & Hove Albion, City, United and Chelsea allocated on new arrivals.

But January is rarely the time to part with significant fees; invariably it leads to overpaying and rushed decisions - see Andy Carroll, 2011. It may take years for the full impact of Villa and City’s January 2025 windows to come to emerge - it could prove to be an inspired gamble or a misguided reaction to underwhelming first halves of the season.

Unlike its fellow Champions League sides, Liverpool doesn’t have to contend with a downturn in form or long-term injuries. That the Reds couldn’t find room for Joe Gomez or Chiesa in Saturday’s matchday squad tells its own story and any thought that Liverpool should have added more numbers is a difficult theory to justify.

The summer will be a different story, though. Slot has already admitted Liverpool are thinking about plans ahead of the 2025/26 campaign and despite the success of his first half-season at Anfield, there could be several areas to address this summer.

The futures of Trent Alexander-Arnold, Virgil van Dijk and Mohamed Salah will have the biggest bearing on the club’s transfer policy, while the form of Andy Robertson and Darwin Nunez will determine whether a new left-back or striker are needed, in addition to another top-quality midfielder.

Slot’s assessment on Liverpool’s talented youngsters will also be a factor - are James McConnell, Ben Doak or Jayden Danns really ready for the big time just yet?

The answers to those questions will shape Liverpool’s long-term future, and the activity of the last two windows could tee up an extravagant summer of recruitment.