The $60 bn roll-off is hardly quicker than the last cycle which has a $50 bn cap - that’s a very dovish QT there - eq market should rally on the back of this - rates could see some relief rally they need it
So think about it in 2 separate buckets: 1- treasuries 2- MBS Compare 1 to last round and for 2 measure delta to run-off Right now they are just delivering run-off which is hardly quicker than last time on 1 and as expected on MBS. No hawkish tilt. I know it's easy to say in retrospect, but the markets trolled them.
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