QT Quantitative Tightening accelerates. Stay Cautious. Fed Governors are indicating that the Fed Funds are likely to be at 5% or higher into 2024. No near term pivot or pause. QT accelerated into $43.7 Billion for the week ending Wednesday. Fed Holdings of Treasuries maturing in less than 15 days makes QT implementation on or above schedule likely for the next couple of weeks. QT has really just started to scratch the Fed’s bloated Balance Sheet which got to $8.9 Trillion in April of 2022.