The Pivot Is Here: Rate Cuts, QT Ending, and the Setup for QE 2026 — The Melt-Up Phase Has Begun

The Federal Reserve cut rates to 3.75%–4.00% and scheduled the end of QT for December 1, 2025. Liquidity is turning, market plumbing is tight, and the setup for renewed balance-sheet expansion in 2026 is forming. This is the melt-up window — where asset holders move first, and inflation follows. Understand the cycle now to position for the next wave.