8/11  23/05/2022, 13:03  From QE to QT – The next phase in the Reserve Bank's Bond Purchase Program | Speeches | RBA  Graph 6  Recently, the Board considered options to reduce ES balances more quickly.
﻿[ 6] If we were to do that, banks would have more of an incentive to borrow funds overnight, since their ES balances would once more become relatively scarce. Hence, such a change would encourage more trading in the overnight cash market, with the cash rate trading closer to, and eventually around, the cash rate target.