QE Unwind: The Fed is not going to sell anything. It will not roll over maturing bond. This is exactly what I stated the moment the Fed started QE. It had no exit sell strategy. Any 30-year bonds the Fed has will be held for 30-years. If the Fed's balance sheet does not go down, it's because the Fed made other asset purchases. The initial steps are baby steps, I doubt we go much beyond that. People keep asking who will buy if the Fed is selling. The answer is the Fed isn't selling.