The US Fed can only legally buy treasuries from the commercial banks, which already don't have enough, which is why the overnight reverse repos are swapping over $1.2 trillion.
The US govt cannot issue much more treasuries until the debt ceiling is increased.
QE requires the Fed to purchase treasuries, but they cannot buy more when they are already in short supply and no new treasuries can be issued.
Ann: FY21 Full Year Results - Briefing Book, page-37
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