This turning point has finally arrived - the Fed has officially announced the end of quantitative tightening.

The two-year-long balance sheet reduction has come to an end, and market liquidity expectations are beginning to ease. What does this mean for risk assets? The signals of interest rates peaking are becoming increasingly clear, and the pressure of funding costs is starting to alleviate.

Next, we will see when the Fed shifts to cutting interest rates; the improvement in the liquidity environment may come faster than expected.