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Fed's Powell Asked If Slowing QT Was Discussed

FED
  • Q: Did you discuss slowing QT? Would you do this and cut rates in tandem?
    • A: I would start by say that Balance Sheet runoff so far has gone very well. And as the process has continued, we are getting to that time where questions are beginning to come into greater focus about the pace of runoff. At this meeting we had some discussion of the balance sheet. We are planning to begin in-depth discussions of balance sheet issues at our next meeting in March. Those questions are all coming into scope now, and we are focusing on them, but we are at the beginning of that process, I would say.
    • [re cuts and QT taper]: We see those as independent tools. For example, if you are normalizing policy, you might be reducing rates, but continuing to run off the balance sheet. In both cases that is normalization, but from a strict monetary standpoint, you could say one is loosening and one is tightening. That could happen. It is not something we are planning or thinking about. We will look at that as a committee starting in March.
  • Q: Roughly how many months of good inflation data do you need to be confident?
    • A: I will not put a number on it. Ultimately we made a lot of progress on inflation, but we want to ensure the job done in a sustainable way. That will come out of our communications. We won't keep that a secret.
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