Barclays has postponed the expected time for the Fed to end quantitative tightening until September.

The Golden Financial Report stated that Barclays currently predicts that the Fed's quantitative tightening action will end in September instead of March, because the minutes of the meeting released last month did not mention the reduction of the balance sheet. Barclays strategist Joseph Abate wrote in the report that the Fed's decision to stop reducing the balance sheet may depend more on the ratio of reserves to bank assets rather than a specific date. Barclays assumes that the Fed hopes to reduce the ratio of reserves to assets to about 12%, and may reach this threshold by August 2025 without a debt limit.