You'll see our QT was already paltry to begin with compared with the total balance sheet, now we're close to our ATH again.
Prices are the result of years of strong printing (since 2008) ballooning our cash vs asset ratio compared with what it was in the 90's or 00's. It takes time for the economy to react, but we certainly had a bull run decade since the printing started.
In 2018 they started the same slow sell off of assets, but then quickly surpassed it during the 2020 lockdown printing.
Set the chart to a 1yr scale: https://fred.stlouisfed.org/series/WALCL
You'll see our QT was already paltry to begin with compared with the total balance sheet, now we're close to our ATH again.
Prices are the result of years of strong printing (since 2008) ballooning our cash vs asset ratio compared with what it was in the 90's or 00's. It takes time for the economy to react, but we certainly had a bull run decade since the printing started.
In 2018 they started the same slow sell off of assets, but then quickly surpassed it during the 2020 lockdown printing.