Global Markets Strategy
                                            18 January 2023


Flows & Liquidity
How long until reserve scarcity?

A question that has been resurfacing in our conversations recently is        Global Markets Strategy
the question of QT, and specifically about how soon QT would see           Global Quantitative & Derivatives
reserves decline back to levels where the Fed might have to contend         Strategy
with reserve scarcity becoming an issue.                       ...