THE FED JUST CONFIRMED IT WILL END QT ON DECEMBER 1 The Fed will stop shrinking its $6.5T balance sheet, marking the first step toward renewed liquidity, not full QE yet, but close. Rates remain at 3.75–4%, and income from mortgage-backed securities will now flow into Treasury bills instead of housing debt. In short, Powell just shifted liquidity from Main Street to Wall Street, protecting banks while sidelining homeowners.