Brothers are concerned about when QT will end. The current reserve balance of the United States is sufficient, but with the depletion of overnight reverse repo usage, the main source of future balance sheet reduction funds will be provided by reserves. This year, the QT of the US Federal Reserve may end. 🟨 From the perspective of reserves/total assets of commercial banks, the current reserves/total assets of commercial banks are 13.45%, indicating an excess reserve balance. 🟨 From the perspective of reserves/nominal GDP, the current reserve/nominal GDP ratio is 10.89%, indicating a sufficient reserve balance. Assuming the reserve balance remains unchanged and nominal GDP is estimated at 1.2% month on month, the reserve/nominal GDP ratio at the end of the second quarter of this year is 10.63%, which is within the desirable range of 10% -11%. 🟨 From the perspective of reserve demand elasticity, the reserve demand elasticity is 0.4 and 0.2 at confidence levels of 97.5% and 84%, respectively, indicating sufficient reserve balance. 🟨 From the perspective of debt maturity distribution, according to the Open Market Account of the Federal Reserve System (SOMA), the US treasury bond bonds due in the next year will be 724.9 billion dollars. In addition, the TBAC quarterly meeting of the Ministry of Finance in February 2025 announced that the bond issuance in the first quarter and the second quarter of this year will be 815 billion dollars and 123 billion dollars respectively. It is assumed that the cash balance (TGA account) at the end of March and June this year will be 850 billion dollars. Considering the continued QT of the Federal Reserve and the relatively low proportion of US bonds held by the Federal Reserve to the outstanding debt balance, future financing from the Treasury Department will put pressure on market liquidity. The Federal Reserve may stop reducing its balance sheet or occur in the middle of this year to alleviate future market liquidity pressures.