Starting June 1, the Fed will begin draining [$2 trillion overnight reserves] plus $3.3 trillion of bank reserves from its nearly $9 trillion balance sheet to put all of this money in motion -- a process it called quantitative tightening. While the central bank is leaning on facilities it created in recent years to contain ructions in US markets, there are still a number of ways this process could create turbulence.

What an interesting year we're having. Good to see this start to unwind.