Market watchers believe the Fed is close to pausing its quantitative-tightening (QT) programme at the upcoming Oct 28-29 meeting, due to strain in short-term funding markets. Repo rates have spiked, banks have tapped the Fed’s Standing Repo Facility and liquidity reserves are under pressure. With the balance sheet trimmed from $9 trillion in 2022 to ~$6.6 trillion, the room to remove further reserves is narrowing. Some analysts expect the formal announcement to come only in January 2026, but signals may appear soon.