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It's the anticipation of more monetary action...the Fed Balance Sheet peaked in June but yes has been rising slowly lately.

Assets have been rallying across the board after Biden looked like he was going to win. The theory is that because it appears the Republicans will still hold on to the Senate, the government will effectively be gridlocked and the Fed will have no choice but to increase asset buying in absence of big fiscal stimulus.

You can see that in rates crashing Tuesday/Wednesday after rising in anticipation of a "Blue Wave" that never happened and risk assets increasing across the board.