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Daly On QT Announcement In May

  • SF Fed's Daly notes in a follow-up with reporters that the Fed can 'absolutely' make a balance sheet announcement in May according to Bloomberg.
  • This could be consistent with Brainard's quite specific guidance from Apr 12 of "We'll decide as soon as May to start reducing the size of the balance sheet in which case those reductions could come as soon as June".
  • Little change in longer-dated USTs on the headlines, having paused beforehand after yields slid 9bps for the 10Y and 11bps for the 30Y.

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