Despite the QT running for a 2 months at its full speed, the reverse repo has remained stubbornly high at US$2.1 trillion
https://fred.stlouisfed.org/series/RRPONTSYD/
Before COVID, there was only about US$11 billion in this account. This means US is still awash with liquidity to the tune about US$2 trillion. While last month's CPI and PPI showed a downtrend, the fact that banks still have US$2 trillion in cash parked with the Fed means should this cash be released into the market, inflation will continue to remain at elevated levels.
I wonder how would the Fed handle this massive amount of cash it has/injected. Ironically, this US$2 trillion is earning the Fed risk free rate which is quite weird for the Fed to be paying banks such a high interest for parking these money. In a way this is a form of QE because these US$2 trillion is attracting generating US$60 billion in interest per month. The US monetary system seems to be quite screwed up