According to online reports, strategists such as JPMorgan Chase Teresa Ho expect that the Federal Reserve will end quantitative tightening (QT, which is to shrink its balance sheet) in the first quarter of 2025, given that liquidity conditions have returned to normal after the end of October. It was previously expected to complete this process before the end of 2024. Both increased supply of U.S. treasury bonds and repo, and money market funds sought to expand into longer maturities despite weakening easing expectations, drew more money from the Federal Reserve's overnight reverse repo tool.