Fed Liquidity Regime and Policy Uncertainty

QT effectively over (balance sheet up $11B), but ON RRP depletion and dealer constraints challenge 'ample reserves' narrative. Warsh's potential changes (cut FOMC meetings, dismantle Ample Reserves Framework) amplify market impact. H.4.1 report key monitor. BoE QT pivot potential adds global dimension. Real yields surge and cash hoarding signal liquidity preference shift.