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MNI View: Steady Funds Rate May Preclude Fed Tweaks
- The Fed's balance sheet has risen to a record $8trn, with Treasury (nominal and TIPS) and MBS holdings up by $125B in the week to Jun 9. This is roughly as expected given the Fed's $120B monthly asset purchase pace.
- Apart from constant speculation over the timing of a potential Fed asset purchase taper, there are a few other items on the monetary policy agenda that bear watching, starting at the June FOMC and through the summer.
- These include the potential for short-term tweaks to administered rates; the rise in overnight reverse repo usage; shifting policy on short-end holdings; and possible tapering of MBS before Tsys.