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Logan – Need To Disconnect Slower Bal/Sheet Runoff And Ending QT

FED
  • Dallas Fed’s Logan (non-voter) told Bloomberg in an interview that there needs to be a disconnect between slowing the pace of runoff and ending QT.
  • Slowing the balance sheet runoff doesn’t mean stopping, but managing the pace.
  • Note that this interview was possibly from as far back as Feb 15 but headlines are only showing now.
  • The publishing of the unscheduled remarks comes ahead of her anticipated QT-focused discussion with the Fed’s Waller (voter) on Fri, with each giving their view on a paper of lessons from global QT.
  • Recall she said in early January that the Fed should start thinking about how and when it would begin tweaking the program, prompting greater analyst focus on runoff scenarios and potential QT end-points.
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