The end of quantitative tightening and what comes next https://www.bankofcanada.ca/?p=243637 Actual level of settlement balances Forecast level of settlement balances until fiscal year-end 2024–25 Forecast level of settlement balances with constant RG (government cash balance) level Estimated range for settlement balances in steady state upper Estimated range for settlement balances in steady state lower Total amount of assets at maturity Canada (left scale) United States (left scale) Euro area (left scale) United Kingdom (left scale) Sweden (left scale) New Zealand (left scale) Japan (right scale) 5.0021.1738.6022.4119996.14 5.1320.5138.8022.4619998.15 5.1019.6638.7022.3719999.05 5.0718.9839.0521.82191199.69 5.0218.2438.7221.44198100.75 5.1117.4238.8021.75188102.08 5.2718.8539.9822.10188105.64 5.3419.4740.0922.20189107.16 17.5531.1744.9324.122314114.76 24.0932.1954.1232.922518123.63 22.1931.8455.6733.582619127.29 23.0732.1956.8034.312522128.69 18.9232.8659.7034.582424130.16 18.9633.8061.5635.152524130.29 18.6634.3263.1335.632724130.26 18.2034.7264.0339.192724129.80 17.1834.3764.2237.892723131.47 16.0433.5563.2837.152525127.61 15.1732.4262.4136.042525120.66 14.3430.9955.5435.022625125.29 13.2330.8953.3333.732323124.83 12.2529.3549.3032.112223124.36 10.9627.7747.8330.102124125.20 10.7426.4746.4328.942023125.36 120.575070 122.985070 121.655070 115.365070 114.565070 120.165070 121.835070 115.665070 113.935070 110.385070 107.275070 110.115070 109.415070 114.315070 112.665070 112.225070 113.705070 109.035070 110.035070 107.935070 105.785070 107.375070 111.185070 123.635070 120.715070 109.705070 109.935070 110.115070 113.955070 115.545070 108.295070 107.635070 108.195070 104.805070 109.435070 133.425070 132.875070 137.785070 140.965070 135.415070 132.915070 139.425070 141.355070 132.195070 136.615070 123.385070 104.665070 104.425070 107.745070 106.815070 105.565070 103.735070 103.895070 105.535070 102.785070 100.235070 99.545070 104.725070 113.125070 110.515070 116.895070 126.285070 131.115070 128.945070 128.945070 9.4225.5344.1128.402023125.35 130.865070 131.505070 126.865070 125.565070 125.555070 120.035070 128.635070 127.845070 126.895070 127.325070 120.005070 130.395070 130.755070 135.595070 137.595070 135.195070 133.995070 132.585070 131.235070 132.125070 129.685070 121.425070 128.305070 125.275070 116.425070 109.695070 109.375070 109.755070 115.835070 109.865070 109.465070 110.435070 108.155070 115.175070 118.465070 118.465070 120.355070 120.715070 118.275070 117.035070 115.375070 112.655070 115.655070 119.355070 115.935070 123.205070 118.535070 99.905070 117.845070 112.595070 112.595070 109.325070 102.985070 101.545070 101.205070 103.955070 106.355070 94.855070 111.465070 108.675070 111.205070 120.095070 130.255070 128.865070 120.155070 9.5124.6043.2527.411921125.09 120.155070 120.625070 99.715070 116.005070 119.525070 115.455070 112.925070 113.645070 113.085070 112.315070 112.575070 116.095070 105.245070 130.815070 135.995070 132.985070 130.325070 132.455070 133.095070 132.615070 129.995070 131.975070 105.605070 138.475070 128.915070 129.215070 121.795070 121.765070 114.365070 125.405070 122.985070 120.215070 96.555070 124.545070 124.085070 120.405070 123.765070 122.955070 122.865070 116.395070 116.235070 118.345070 101.995070 123.235070 123.975070 128.105070 128.105070 126.625070 123.715070 125.115070 127.695070 122.885070 107.795070 122.175070 116.915070 118.835070 117.405070 121.845070 121.295070 121.905070 118.875070 121.275070 102.225070 126.765070 123.815070 123.8150709.0823.8942.3626.2018124.03 126.165070 124.095070 116.125070 114.525070 120.885070 121.935070 107.745070 125.965070 116.575070 116.575070 129.205070 127.235070 119.845070 124.045070 123.135070 121.165070 97.555070 124.285070 124.455070 120.415070 123.835070 133.485070 134.535070 135.765070 133.975070 127.495070 106.355070 131.605070 124.885070 124.885070 123.135070 125.585070 124.265070 121.895070 122.945070 120.715070 105.705070 128.225070 121.185070 122.005070 119.005070 122.785070 122.895070 124.365070 128.725070 125.195070 93.615070 115.615070 112.395070 112.095070 111.535070 110.055070 110.005070 102.275070 112.595070 117.585070 127.265070 125.715070 126.665070 126.835070 126.335070 126.335070 126.335070 125.775070 125.345070 125.505070 125.505070 125.215070 126.595070 118.185070 118.645070 120.175070 119.035070 112.685070 112.065070 112.495070 113.425070 120.415070 113.455070 120.175070 122.585070 117.265070 119.115070 110.075070 108.765070 108.155070 88.695070 115.805070 114.295070 0.01 129.395070 125.885070 115.705070 116.295070 106.105070 108.375070 108.795070 107.815070 109.335070 103.305070 114.035070 110.655070 115.775070 121.465070 118.055070 117.385070 117.235070 98.015070 120.035070 113.235070 12.06 118.145070 111.865070 99.305070 103.935070 101.955070 103.235070 103.855070 101.775070 103.215070 98.105070 93.565070 93.085070 102.265070 101.395070 98.665070 95.825070 95.635070 69.635070 103.675070 104.725070 103.255070 78.6478.6450700.62 78.615070 78.585070 78.555070 78.525070 78.505070 78.475070 78.445070 78.415070 78.385070 78.355070 78.335070 78.305070 78.275070 78.225070 78.205070 78.175070 78.145070 78.115070 78.085070 78.055070 78.035070 78.0050700.02 77.955070 77.935070 77.905070 77.875070 77.845070 77.815070 77.785070 77.755070 77.735070 77.705070 77.675070 77.645070 77.615070 77.585070 77.555070 77.525070 77.485070 77.455070 77.425070 77.405070 77.375070 6.60 71.745070 71.715070 71.685070 71.665070 71.635070 71.605070 71.575070 71.545070 71.515070 71.485070 70.725070 70.695070 70.395070 70.365070 70.345070 70.315070 70.285070 70.255070 70.225070 70.195070 70.165070 70.1350700.01 70.115070 70.085070 70.055070 70.025070 69.995070 69.965070 69.935070 69.905070 69.875070 69.855070 69.825070 69.785070 69.755070 69.725070 69.705070 69.675070 69.645070 69.615070 69.585070 69.555070 69.525070 69.495070 69.4650700.06 69.445070 69.415070 69.385070 69.355070 69.325070 69.295070 69.265070 69.235070 69.145070 69.125070 69.095070 69.065070 69.035070 69.005070 68.975070 68.945070 68.915070 68.885070 68.855070 68.835070 42.81507026.13 42.685070 42.655070 42.625070 42.585070 42.525070 42.495070 42.465070 42.435070 42.405070 42.375070 42.345070 42.315070 42.295070 42.265070 42.235070 42.205070 42.175070 42.145070 42.115070 42.085070 42.055070 42.025070 41.995070 41.965070 41.945070 41.915070 41.885070 41.855070 41.825070 41.795070 41.765070 41.735070 41.705070 41.675070 41.645070 41.615070 41.585070 41.565070 41.535070 41.505070 41.475070 41.445070 41.415070 41.385070 41.355070 41.325070 41.295070 41.265070 41.235070 41.205070 41.175070 41.145070 41.125070 41.095070 41.065070 41.035070 41.005070 40.975070 40.945070 40.915070 40.885070 40.855070 40.825070 40.795070 40.7650700.29 40.675070 40.645070 40.615070 40.585070 40.555070 40.525070 40.495070 40.465070 40.435070 40.185070 40.155070 40.125070 40.095070 40.065070 40.025070 39.995070 39.965070 39.935070 39.905070 39.875070 39.855070 39.825070 39.795070 39.765070 39.735070 39.705070 39.675070 39.645070 39.615070 39.585070 39.555070 39.525070 39.495070 39.465070 39.435070 39.405070 39.375070 39.345070 39.315070 39.285070 39.255070 39.225070 39.195070 39.165070 0.05 39.135070 39.105070 39.075070 39.025070 38.995070 38.965070 38.935070 38.905070 38.875070 38.845070 38.815070 38.785070 20.54 0.05 8.18 0.00 8.82 0.50 0.17 2.19 12.99 0.00 0.12 0.03 0.03 1.16 0.01 8.59 0.04 0.03 1.61 0.32 13.47 0.76 0.32 0.01 19.20 0.32 0.05 17.05