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No Surprises In Chair Powell's Opening Statement

FED
  • Powell notes re QT taper that with MBS running off at $15B/monthly, the new $25B cap on Tsys means roughly $40B/month of overall balance sheet runoff. Says the QT taper "does not mean that our balance sheet will ultimately shrink by less than it would otherwise. But rather allows us to approach its ultimate level more gradually."
  • Not really any surprises in the opening statement, similar to his appearance two weeks ago.
  • Chair Powell opens up the floor for questions.
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  • Powell notes re QT taper that with MBS running off at $15B/monthly, the new $25B cap on Tsys means roughly $40B/month of overall balance sheet runoff. Says the QT taper "does not mean that our balance sheet will ultimately shrink by less than it would otherwise. But rather allows us to approach its ultimate level more gradually."
  • Not really any surprises in the opening statement, similar to his appearance two weeks ago.
  • Chair Powell opens up the floor for questions.