Why the Fed’s “Reserve Management Purchases” Are Not QE by Wolf Richter • Dec 11, 2025 • 26 Comments The Fed reverts to pre-2009 balance sheet management where the balance sheet grows with or less than the economy.
This Fed Meeting Must Have Been an Epic Circus by Wolf Richter • Dec 10, 2025 • 145 Comments Amid 3 dissenters in both directions, FOMC cuts by 25 basis points. “Dot Plot” sees 1 cut next year, 3 members see 1 hike. Reserve management purchases of T-bills begins.
In Edgy Bond Market, 30-Year Treasury Yield Hits 3-Month High, 10-Year Yield Hits 1-Month High, Mortgage Rates Jump by Wolf Richter • Dec 8, 2025 • 79 Comments The expected rate cut gets complicated: A dovish Fed amid rising inflation can spook the bond market.
The Fed Will Talk a lot about “Reserve Balances” and “Reserve Management Purchases” at its FOMC Meetings by Wolf Richter • Dec 8, 2025 • 57 Comments What Are They? And why now?
Fed Balance Sheet QT: -$37 Billion in November, -$2.43 Trillion from Peak, to $6.54 Trillion by Wolf Richter • Dec 4, 2025 • 61 Comments Standing Repo Facility at zero, after doing its job calming the repo market at month-end. QT ended on December 1, but in November, QT continued.
Mortgage Rates Are Not Too High. What’s too High Are Home Prices that Exploded by 40-70% in 2 Years, Creating the “Affordability Crisis” by Wolf Richter • Nov 29, 2025 • 178 Comments But there is a solution to this affordability crisis.
Amazing How Central Bank Money-Printing Reversed around the World after the Inflation Shock by Wolf Richter • Nov 27, 2025 • 80 Comments Balance sheets of the Fed, ECB, BOJ, BOE, and central banks of China, Canada, Australia, Switzerland, and India as % of GDP.
Treasury Market Scuttles Hope for December Rate Cut, Doubts January Cut, after Hawkish Fed Minutes by Wolf Richter • Nov 19, 2025 • 31 Comments “Many participants suggested that … it would likely be appropriate to keep the target range unchanged for the rest of the year.”
Another Sign that a Major Rethink of the Size of the Fed’s Balance Sheet Is Gaining Momentum by Wolf Richter • Nov 17, 2025 • 103 Comments Warsh, on the shortlist for Fed Chair, advocates for more QT, a smaller balance sheet, and lower short-term rates, in sync with Bessent.
Government Sold $694 Billion of Treasuries this Week, Debt Hits $38.2 Trillion, Treasury Yields Rise Further, Shift to T-Bills Begins by Wolf Richter • Nov 14, 2025 • 145 Comments Long-term Treasury yields under pressure, amid large auctions of notes and bonds, despite shift to T-bills.
