In 2019 the Fed announced QT would end on August 1
The balance sheet kept shrinking into August even after QT officially ended because the final round of treasury maturities didn't settle until mid‑August
In 2019 the Fed announced QT would end on August 1
The balance sheet kept shrinking into August even after QT officially ended because the final round of treasury maturities didn't settle until mid‑August
So, QT ending on December 1 doesn't mean the balance sheet will immediately start rising; the uptick might not be noticeable until early 2026