QT may be slowing, but don’t expect QE to return until rates hit zero again.

Instead, the Fed will likely turn to repo operations—injecting short-term liquidity without handing banks free reserves and paying them interest.

Why? Because at today’s high rates, QE would be a blank check to the banking system. They won’t pull that lever unless the economy forces them to.

The real question: How long can they keep the system afloat before the next crisis demands full-scale money printing?