minutes of the September meeting of the Federal Reserve may show that officials are weighing whether to end the balance sheet reduction plan. The Federal Reserve has been reversing some of the stimulus measures from the epidemic period by reducing the balance sheet. However, Citigroup economists pointed out that the trend in the interest rate market indicates that financing conditions have tightened, which may mean that the size of the balance sheet is close to the level expected by the Federal Reserve. The Citigroup team wrote: "As liquidity declines, the volatility of short-term interest rates has increased. This may prompt officials to at least discuss the possibility of ultimately ending the reduction of the balance sheet."