With liquidity conditions returning to normal after the end of October, strategists such as JPMorgan's Teresa Ho expect the Fed to end quantitative tightening (QT) in the first quarter of 2025, a process previously expected to be completed by the end of 2024. Increasing supply of US treasury securities and repo, and money market funds looking to expand into longer maturities amid waning expectations of easing, have pulled more money from the Fed's overnight reverse repo facility.