This Finance survey examines (a) The Federal Reserve has begun quantitative tightening (QT) to reduce the size of its balance sheet. Fed holdings of Treasury securities have declined by $800 billion relative to the March 2020 peak. The Fed currently holds $4.9 trillion of Treasury securities, significantly larger than the $2.5 trillion holdings prior to the Covid pandemic. A reduction in Fed holdings of Treasury securities measurably increases the interest rate on long-term U.S. Treasury bonds (b) A reduction in Fed holdings of Treasury securities measurably increases volatility in the Treasury market
Keyword: quantitative tightening
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