What Does Quantitative Tightening Look Like This Time Around?

The Fed wants to reduce the amount of assets that it holds on its balance sheet. If things are going smoothly, i do think that they could become an active seller of some of these securities. The question then becomes, if the fed commits a policy error, do they turn around and start buying all over again? It certainly feels like the trend is pretty clear that central banks have loosed the bounds of whatever constrained them in the past.