Total assets on the Fed’s balance sheet declined by $36 billion in May, to $6.67 trillion, the lowest since April 2020, according to the Fed’s weekly balance sheet today. Since peak balance sheet at end of QE in April 2022, the Fed’s QT has shed $2.29 trillion, or 25.6% of its total assets. In terms of Pandemic QE, it has shed 47.7% of $4.81 trillion in assets it had piled on from March 2020 through April 2022. In April 2020, the Fed had piled $1.47 trillion in securities onto its balance sheet, in just that month. To get to a pre-April 2020 balance sheet, QT would have to run for another $860 billion, on top of the ... (full story)