Barclays believes that the Federal Reserve has indicated that it can reduce its balance sheet while lowering interest rates, but recommends an early end to the reduction due to risk management considerations. Barclays still expects the Federal Reserve to end quantitative tightening in December and the FOMC (FOMC) to announce it in November. "In 2019, the scarcity of reserves exacerbated an already tense situation in the repo market, driving funding rates up sharply, causing severe disruptions to...