--- title: "Fed Ends Quantitative Tightening (QT) - What Happened Last Time?" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/269232529.md" description: "The Federal Reserve's latest quantitative tightening (QT) cycle ended on December 1, 2025, reducing the balance sheet by approximately $2.2 trillion to $6.7 trillion. This marks the second real QT in history. Historically, ending QT is bullish for risk assets, as seen in 2019 when the S&P 500 rallied 12% in five months. With QT ending again, markets anticipate a liquidity boost, barring any new shocks." datetime: "2025-12-10T12:56:04.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/269232529.md) - [en](https://longbridge.com/en/news/269232529.md) - [zh-HK](https://longbridge.com/zh-HK/news/269232529.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/269232529.md) | [English](https://longbridge.com/en/news/269232529.md) # Fed Ends Quantitative Tightening (QT) - What Happened Last Time? Photo by Anne Nygård on Unsplash The Fed’s latest QT cycle officially ended on **December 1, 2025.** Over 3.5 years, the balance sheet shrank by **≈ $2.2 trillion** (now ~$6.7T). This is only the second real QT in history: • 2017–2019: Cut ~$700B then slammed the brakes when repo markets freaked out. **Historical Pattern** After QT Ends > Stopping the liquidity drain is almost always bullish for risk assets… at least for a while. 2019 playbook (QT ended Aug/Sep 2019): → **S&P 500**: +12% rally in just 5 months → **10-year Treasury yield**: Dropped from ~1.7% to under 1.0% → bond prices ripped higher → **Gold**: Jumped +15% in a few months (loves lower real yields) → **Oil & commodities**: Choppy and sideways… until COVID sent them off a cliff The 2019 party lasted ~5 months before an outside shock (COVID) killed the vibe. Fast-forward to today: QT is done again (Dec 2025), and markets are once more sniffing a fresh liquidity tailwind — as long as no new shocks show up. * * * _More By This Author:_ ## 相關資訊與研究 - [Rusoro Mining (CVE:RML) Director Sells 60,000 Shares](https://longbridge.com/zh-HK/news/281694931.md) - [Should Record 2025 Output and 100% U.S. Reserve Replacement Require Action From Freehold (TSX:FRU) Investors?](https://longbridge.com/zh-HK/news/281696598.md) - [Wasion Holdings Limited (3393) Gets a Buy from China Renaissance](https://longbridge.com/zh-HK/news/281702521.md) - [Global Prosperity Sticks to Their Buy Rating for Fufeng Group Limited (FFO1)](https://longbridge.com/zh-HK/news/281702206.md) - [CICC Remains a Buy on Yonghe Medical Group Co., Ltd. (2279)](https://longbridge.com/zh-HK/news/281703443.md)