QT isn't the Fed selling bonds. It's the Fed declining to buy new ones — and that quiet non-action pulls cash out of the banking system every month.
Quantitative tightening sounds like a dramatic operation. It isn't. A central bank running QT mostly just stops replacing bonds as they mature, up to a monthly cap, and lets the balance sheet shrink by attrition. The dramatic part happens downstream, in the plumbing, where that non-action removes cash from the banking system. Runoff programs get switched on and switched off — the Fed has started balance-sheet runoff and later ended it more than once — so check whether one is actually live before assuming the drain is happening this month. What follows is the mechanism, not a claim about today's policy stance.
— Educational, not financial advice.