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MNI Analysis: Survey Clues For Fed Balance......>

FED
FED: MNI Analysis: Survey Clues For Fed Balance Sheet
- The New York Fed`s surveys of Primary Dealers and Market Participants are
arguably taking on greater importance as the Fed feels its way through balance
sheet normalisation in 2019.
- The fact that Chair Powell last week specifically referenced surveys as a
metric for guiding balance sheet policy is key, and suggests that future surveys
will be worth watching closely.
- In the second half of 2018 there was a clear increase in expectations of the
size of the Fed balance sheet and reserve balances in future.
- The surveys also suggest that the market could react fairly negatively if the
Fed signals a path of bank reserves that goes below $1.0trn.
- For full analysis, see Analysis email or contact us.

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