Quantitative Tightening: where do the Fed and ECB stand?

At the Fed, the runoff of the balance sheet (QT) is approaching a point where the level of bank reserves is likely to be insufficient, putting pressure on the price of liquidity. To remedy the volatility in interest rates, the Fed will shortly have to increase its purchases of Treasury securities. There is nothing comparable with a QE operation (of the 2008 or 2020 type), but some investors could see this as a sign of a Fed put. At the ECB, the process of normalising the balance sheet is continuing, with no sign of an imminent end. This implies reduced intervention by the central bank in the government bond market at a time when public deficits remain very high (France) or are set to increase (Germany).