Below is a chart from today's Early Look written by Hedgeye Macro & Housing Analyst Josh Steiner.  

As a reminder, the Fed has QT’d to the tune of $52B in total over the last 3 months (a ~60bps reduction in its securities holdings) and the S&P 500 is down ~4.1% over that timeframe. In the four months between now and year-end the Fed is supposed to QT by $380B, a roughly 450bps reduction in securities holdings. Still feeling bullish?

CHART OF THE DAY: Recent Balance Sheet Trends  - FBS1