🚨 The Fed firing up the printer? Fed cut rates 25 bps, QT officially ended December 1st. Now they're launching RMP "Reserve Management Purchases" starting December 12th. Here's the mechanic shift: Before, when bonds matured, that money disappeared from the system. Now they're reinvesting everything immediately. Maturing Treasuries get replaced with new ones. MBS redemptions roll into Treasuries. First move: $40B in Treasuries over 30 days. Schedule drops December 11th. They're also expanding overnight repo with full allotment – unlimited liquidity against collateral. Technically not QE. Official story: just maintaining adequate reserves and stable short-term rates. Reality: Fed buys bonds, balance sheet grows, reserves replenish, liquidity increases. Mechanically identical to QE. Scale matters though: $40B is 0.6% of their $6.5T balance sheet. Even at this pace for a year, it's nowhere near 2020 levels. But here's the tell: They went from QT to buying in 10 days flat. Either they're being wildly proactive about reserve management, or there's stress in the system they're not advertising. The speed of the reversal matters more than the size.(Hanzo ㊗️)