[TD Securities: The Federal Reserve's Balance Sheet May Resume Reduction by the End of 2027] According to a report by Golden Finance on July 23, TD Securities strategists Gennadiy Goldberg and Molly Brooks stated in a report that the Federal Reserve's balance sheet might not begin to shrink until the end of 2027. Even then, the central bank may opt to remain passive, allowing the economy's 'natural growth' to absorb it rather than resuming direct quantitative tightening (QT).