> significant net issuance of new treasuries constitutes QT The Fed doesn't make decisions about treasury issuance. Congress decides to spend money and instruc

> significant net issuance of new treasuries constitutes QT The Fed doesn't make decisions about treasury issuance. Congress decides to spend money and instructs the Treasury to figure out how to finance it. That determines the net level of issuance. QT entails reducing the size of the Fed's balance sheet, which means Fed reduces net purchases of these treasuries. These treasuries must be purchased by other market participants who do so at whatever price the market clears.