That's a fair point, but I'd imagine one objective of normalization is to avoid moving the market in a substantial way, whereas the explicit goal of QE was to l

That's a fair point, but I'd imagine one objective of normalization is to avoid moving the market in a substantial way, whereas the explicit goal of QE was to lower rates. I woudln't expect the Fed's participation in the market at would be meaningful, especially given the fact that they've only sold ~$100B in the past 10 or so months according to those charts. The treasury market is HUGE. (apparently > $500B ADV across all maturities)[1] [1] https://www.sifma.org/resources/research/us-treasury-trading-volume/ https://www.sifma.org/resources/research/us-treasury-trading...