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Final Question On Altering The Pace Of QT

FED
  • Q: Final question on whether the FOMC has considered altering QT pace:
    • A: We're not talking about altering the pace of QT right now, just to get that out of the way.
    • QT seems to be working pretty much as expected, with runoff each month adding up. Reverse repo has been coming down quickly and reserves have been steady/higher. At a certain point reverse repo will level out and reserves will start to come down.
    • We're not at levels (somewhat above that consistent with ample reserves).
    • Re adjusting QT at the same time as making rate cuts - They're on independent tracks. IT depends on the reason - if you're cutting because you're going back to normal, that's one thing, if you're cutting because the economy's really weak... you have to know the reason.
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