"QE" of the USD started in September of 2008. After growing its balance sheet from under 1.0T to 4.5T in December of 2014, the Federal Reserve did not let its balance sheet shrink until January of 2018. And then only slowly did the balance sheet shrink down to 3.8T in September of 2019, only back to 2013 levels or about 20% of the way back to the 2008 level of 1.0T, not halfway undoing the previous bout of "QE" (2.8T to 4.5T to 3.8T). In October 2019 the Fed did more "QE" which grew the balance sheet to 9.0T in April of 2022. From April of 2022 until last month (December of 2025) the balance sheet shrunk slightly to 6.5T, only back to 2020 levels or about 30% of the way back to the 2008 level of 1.0T, still far above the 2018 level, and also not halfway undoing the previous bit of "QE" (3.8T to 9.0T to 6.5T).
Another bout of "QE" appears to begin now.
If the behaviors of previous "QE"s continue, we will never see a Fed balance sheet under 6.5T, and in two or three years it will be well above 9.0T and then never return to 9.0T.
There is no end in sight.
