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By Jean Yung
     WASHINGTON (MNI) - Newly collected data on the Treasury market shows the
ongoing reduction of the Federal Reserve's balance sheet is running smoothly,
Fed Governor Lael Brainard said Monday.
     The Fed has shed some $300 billion in assets in the past year but that does
not appear to have sparked any deterioration in Treasury market liquidity, she
said. 
     "Treasury market has adapted well to the post-crisis regulatory regime, the
normalization of monetary policy, and technological changes in trading
processes, and that both broker-dealers and proprietary trading firms play
important, often complementary, roles in the market structure that has emerged,"
Brainard told the fourth iteration of an annual conference examining the
evolution of the Treasury market. 
     The New York Fed began hosting these conferences after the so-called "flash
rally" in October 2014 in which the Treasury market experienced unusually high
volatility and record trading volumes with a clear cause. 
--MNI Washington Bureau; +1 202-371-2121; email: jean.yung@marketnews.com
[TOPICS: MMUFE$,M$U$$$]

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