Balance-sheet runoff may pause.

The problem? Uncertainty.
The debt-ceiling fight clouds money-market signals.
Reserves could shrink fast once a deal is struck.

Yields dropped as traders adjusted.
Two-year yields fell three basis points.
The 10-year yield hit 4.53%.

QT has been running for nearly three years.
The Fed has shed $2 trillion so far.
Still, $6.8 trillion remains—well above pre-COVID levels.

What’s next?

Wall Street expects QT to end in late 2025.
But new risks could push that timeline forward.

Stay ahead of the market.

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