and 60 equities 40 20 0 -20 40 -60 -80 Jan-01 Jar Jan-05 Jan-07 Jan-09 Jan-11 Jan-13 Jan-15 record post-crisis, outflows In lark Source Danoto Oak Ofteedfoto _LP Dote 23 July 2015 C6o'(w Sain•PdliXt Strategist (I We all know about QE, but what about QT Monthly fall in Fed balance sheet if re-investm