The Day QT Died and QE Began: December 1, 2025 — The Quiet Restart of the Liquidity Engine

QT officially ended on December 1, 2025 — but the real story happened in the plumbing. With the RRP buffer nearly gone, SOFR volumes exploding, and the Standing Repo Facility pulling in Treasuries, agencies, and MBS, the Fed quietly shifted from balance-sheet tightening to balance-sheet backfilling. This was the moment the liquidity regime flipped.