PANews reported on November 9 that according to Jinshi, strategists including Teresa Ho of JPMorgan Chase expect that given that liquidity conditions have returned to normal after the end of October, the Federal Reserve will end quantitative tightening (QT, i.e., shrinking the balance sheet) in the first quarter of 2025, which was previously expected to be completed by the end of 2024. The increase in the supply of U.S. Treasury bills and repurchases, and the expansion of money market funds to longer maturities amid weakening expectations of easing have all drawn more funds from the Fed's overnight reverse repurchase facility.