Golden Finance reported that Barclays currently predicts that the Fed’s quantitative tightening operations will end in September instead of March, on the grounds that the meeting minutes released last month did not mention balance sheet reduction. Barclays strategist Joseph Abate wrote in a report that the Fed's decision to stop shrinking its balance sheet may depend more on the ratio of reserves to bank assets rather than a specific date. Barclays assumes the Fed wants to lower its reserves-to-assets ratio to about 12%, a threshold it could reach by August 2025 without a debt ceiling.