The balance sheet is still north of four trillion so they've tapered it a little bit ,I think a couple hundred billion. Interest rates are rising and the Federal Reserve still has an enormous balance sheet and according to what they've been saying they're about to start increasing the monthly draw and and that is gonna put even more pressure on the bond market especially since we are printing record budget deficits.
We're now borrowing over a hundred billion a month and the official numbers don't even capture that because so much of the budget is off budget. But it doesn't matter, they still have to issue the bonds to finance the off budget spending.
So what's important is how much the national debt is going up, how much bonds are actually being sold and so we've got record budget deficits and now we've got the Federal Reserve that wants to sell and the bigger problem is who's buying?