Morgan Stanley strategists Teresa Ho and others predict that, given that liquidity conditions have returned to normal after the end of October, the Federal Reserve will end quantitative tightening (QT) in the first quarter of 2025, which was previously expected to be completed by the end of 2024. Both the increase in US Treasury bond and repo supply, as well as money market funds seeking to expand into longer maturities amid weakened expectations of easing, have withdrawn more funds from the Federal Reserve's overnight reverse repo tool. @gyihuhohuy