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NY Fed Report Shows Projection With Portfolio Reduction Ending 2025

FED
  • The NY Fed’s annual report on its open market operations during 2023 (see here) shows projections with portfolio reduction stopping in 2025 and reserves bottoming out at $2.5.3tn in 2026.
  • It comes following prior guidance from Chair Powell at the March FOMC press conference that “it will be appropriate to slow the pace of run-off fairly soon”.
  • The minutes for the meeting showed a preference for reducing the monthly runoff pace by half.

Source: NY Fed

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