Federal Reserve Chair Jerome Powell is expected to signal the conclusion of quantitative tightening in November, shifting attention to long-term liquidity operations. Analysts said the move follows stable inflation and a mild cooling in labor data, allowing the Fed to stabilize reserves while maintaining policy flexibility. The change would mark a significant pivot from balance sheet contraction toward sustained neutrality. Investors anticipate a clearer framework on runoff pacing and collateral facility usage to ensure market stability through 2026.