The Fed is slowing QT:
"The Committee will slow the pace of decline of its securities holdings by reducing the monthly redemption cap on Treasury securities from $25 billion to $5 billion.
The path to eventually Ending QT and starting QE has started.
2 more rate cuts can be expected in later quaters.
In my opinion, FED is basically engeeneering a much softer landing with these calculated and measured moves. Rather than ending QT abruptly and starting QE immediately they are dragging the process out, therefore giving markets more time to adjust, and eventually easing their way down into a bear market gradually.