Hundreds of years to normal

Deutsch bank: Prospects for normalizing the balance sheet would be dramatically altered by a recession, potentially even a mild one. This is because with the fed funds rate still relatively close to zero, and the neutral fed funds rate potentially remaining low over the coming years, the Fed may not be able to provide enough accommodation by only cutting its policy rate. Just as in the aftermath of the financial crisis, the Fed may have to turn to another round of QE to support the economy during the next recession.

Yes, the Fed is easily hedged when facing large institutions who can rapidly change their duration . We see this in the  pension stampedes. The Fed cannot price duration risk. Currency bankers fail always when betting time, too many institutional time plots..