Commentary 
For every action, there is an equal and opposite reaction. – Newton’s third law of motion
When central banks enacted their asset purchase (QE) programs and started to create the most preposterous asset market bubble in history, it was obvious that there will be a point, when they need to start selling assets from their balance sheet. This operation is called quantitative tightening, or QT.
The March minutes on the meeting of the Federal Open Market Committee (FOMC) indicate that the balance sheet runoff of the Federal Reserve could commence as early as May. The speed of the proposed runoff was $95 billion per month, which would be clearly above the previous runoff rate (around $50 billion per month) enacted in 2018/2019.
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