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Chair Powell Asked About The Balance Sheet

FED
  • Q: Fed's lending/facilities at odds with QT? What do you think about reserve availability and distribution?
  • A: Recent liquidity provision increased the size of our balance sheet, but the intent and effects are very different from QE when we buy longer-term securities which is meant to alter the stance of policy. The balance sheet expansion now is really temporarily lending to banks to meet special liquidity demands created by the recent tensions and not intended to directly alter the stance of monetary policy stance.
  • In terms of distribution, we don't see ourselves as running into shortages. We think runoff is working. And we're always prepared to change that if it changes, but we haven't see any evidence of that.
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