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SMRA's Terry Sheehan noted today in a.......>

US VIEW
US VIEW: SMRA's Terry Sheehan noted today in a speech, the New York Fed
Executive Vice President Simon Potter said he's "connfident that the FOMC's plan
will reduce the size of the portfolio in a gradual and predictable, 'no
surprises' manner." 
- Potter said he is confident that balance sheet normalization "will not prove
disruptive to the US mortgage (MBS) market or the US Treasury's debt management
program". Further, Potter said the FOMC approach "will mitigate the risk of
sharp or outsized asset price reactions" as the balance sheet is reduced over
time. He reinforced that the approach to balance sheet normalization was
designed to "operate in the background" and that "the bar is high to making
changes" in the plan."

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