Quantitative Easing will likely return in 2026?
 but don’t expect the “turbo-charged QE” we saw in past crises.

Real QE only shows up when something breaks:

• Treasury market dysfunction

• Major geopolitical conflict

• Deep recession

• A true banking system shock

And here’s the twist:
 The odds of full-blown QE are actually declining right now.

Liquidity tools? Maybe.
Rate cuts? Yes.
But crisis-level QE? Not in the current trajectory.