### Comment:
And it was $4.5 trillion in Sep of 2017, but have we fallen a fifth of the way to pre-2008? They are unwinding it slowly, at rates that can be handled. This month is probably the last month of unwinding before the 2020 election.

### REPLY:
They stopped at the beginning of August and the market went nowhere the entire time they were tightening. They'll unwind as they see fit for the market not the election cycle.

### END.