Golden Finance reported that Fed Schmid said that it is expected that the Fed will not achieve the 2% inflation target until 2026. The final phase of inflation down to 2% is likely to be the most challenging for monetary policy. The Fed's quantitative tightening is inconsistent with interest rate cuts to a certain extent. The Fed's balance sheet stance is still holding yields down. There will now be opposition to any move to halt the reduction of the Fed's balance sheet. Don't want moves to shrink your balance sheet to cause volatility.