Continuing to discuss BTC with the analysis of the painter After the QT pause, there needs to be a liquidity crisis in order to expand the balance sheet. There is a strict distinction between table expansion and QE. Expanding the coverage of the table is broader, and it can be said that QE is one of the ways to expand the table. QE is an unconventional measure after interest rates are reduced to zero, and it is difficult for short-term interest rates to drop to zero all at once. According to the current interest rate of 4.5, unless there is a deep recession, the earliest interest rate to drop to 0 may be around the end of next year.