After the banking crisis, the Fed's balance sheet ballooned by $300 billion. Borrowings under the discount window, the Fed's last resort liquidity facility, surged to $152.85 billion in the week ended March 15, exceeding borrowing during the last financial crisis. The surge in new liquidity created by the Fed means that the Fed's balance sheet has increased by $297 billion. This is the largest increase since April 2020, and the amount of balance sheet reduction (QT) in the past four months has disappeared by half. Has the balance sheet reduction failed?