Recent data from the New York Fed shows that the Federal Reserve has not encountered any obstacles in continuing to reduce the size of its balance sheet. The New York Fed reported on Thursday that its reserve demand elasticity indicator was -0.15 on November 13, remaining stable compared to a month ago. The New York Fed stated in its report, "Reserves remain ample." This index was publicly released a month ago and is designed to show the degree of abundance or tightness of bank reserves. A shift to negative values could indicate an increase in the tightness of bank reserves, which directly indicates that the Fed is continuing its efforts to reduce bond holdings through quantitative tightening (QT). The New York Fed's indicator suggests that there is no immediate need to halt this process, which aligns with recent statements from Fed officials and market expectations, as the market currently anticipates that quantitative tightening will end sometime next year.