$BTC Nine chairpersons voted for a 25 basis point rate cut, three against (two in favor of a pause, one for -50 basis points)

❗️Balance reduction (#QT) is complete. The Fed is starting a reverse repurchase (purchase of US government bonds) to maintain sufficient reserve levels in the system.

▫️ Expected bond buyback volume - about $220b over the first 12 months. Purchases will mainly be in short-term Treasury bills (bills).

▫️ The limit $500b on the permanent REPO operation has been removed.