📉 According to The Kobeissi Letter, the Fed’s balance sheet shrank by another $17B last month, dropping to $6.7T — the lowest level since April 2020.

📊 Since April 2022, the Fed has reduced its balance sheet by $2.3T (about 25%), nearly 48% of the post-COVID expansion.

⏳ In March, the pace of QT slowed from $60B to $40B per month, signaling a more cautious approach.

#Fed #QT #Macro #Bonds