The Fed made their final rate hike to 5.33% in August of 2023. Since then, they have made a total of 5 cuts bringing rates down to 3.88% as of this week ⚫️

Over this same time period the Fed has rolled off $890B of Treasuries from its balance sheet through QT 🔴 - an 18% decrease from $5.1T in 2023

Meanwhile, the 25 Largest Domestic Banks have managed to add $473B of new Treasuries onto their balance sheets 🟢 - a 42% increase from $1.1T in 2023🤨