The Federal Reserve is secretly re-injecting liquidity into the market without calling it quantitative easing.

The Fed's balance sheet reached $6.736 trillion this week, the highest level since April 2025, up about $236 billion (3.6%) from the near $6.5 trillion cycle low in early 2026.

Prior to this, the Fed spent nearly two years shrinking its balance sheet. It went all the way from $8.9 trillion down to $6.5 trillion. That was quantitative tightening.

Now it is reversing, and the balance sheet is growing again.

Officially, the Fed calls it "reserve management." They say it's just to keep enough cash in the system for banks to operate smoothly.

But more money on the Fed's balance sheet means increased market liquidity. That's exactly what quantitative easing does.

They just don't call it that.