When the Fed begins buying bills for reserve mgmt, as they have telegraphed for over 2yrs, people will see balance sheet rising and say it's 2020 again. It will be net positive for liquidity. BUT the Fed will only be buying T bills in an amount that settles the delta between the blue line and the orange line. Nothing remotely like the volumes in quantitative easing, and only on the short end instead of the long end. It will have minimal sustained market impact. Few understand this.(𝐓𝐗𝐌𝐂)