BREAKING: The Federal Reserve’s balance sheet fell -$37 billion in November, to $6.53 trillion, to its lowest level since April 2020. The Fed has reduced its assets by -$2.43 trillion, or -27%, during its quantitative tightening (QT) program, which ended on December 1st after running for 3 years and 5 months. This unwound 51% of the +$4.81 trillion added during pandemic-era QE. Treasury securities declined -$4 billion in November, to $4.19 trillion, the lowest since June 2020. We have now see a -$1.58 trillion decline in treasury securities, or -27.4%, from the June 2022 peak. Mortgage-backed securities fell -$16 billion last month, to $2.05 trillion, the lowest since November 2020, down -$687 billion from the 2022 peak. QT is officially over.(The Kobeissi Letter)