People who trumpet the impending "soft landing" fail to understand that the market didn't absorb the rate hikes without issue; countervailing forces like the reverse repo usage as seen in the chart above basically stealthily dripped liquidity in the market to take the edge off the unprecedented hiking pace.

In reality we've been in a largely sideways picture liquidity-wise and like OP mentioned it will be very interesting to see what happens if/when that facility gets fully tapped out.