The Federal Reserve will stop shrinking its $4 trillion balance sheet later this...
WASHINGTON - The Federal Reserve will stop shrinking its $4 trillion balance sheet later this year, Fed Chairman Jerome Powell said on Wednesday, ending a process that investors say works at cross-purposes with the Fed’s current pause on interest-rate hikes.
The U.S. GDP is currently about $20 trillion, suggesting the Fed’s balance sheet would be between $3.2 trillion and $3.4 trillion. In addition, Fed policymakers have come to the view that balance sheet policy should take financial and economic conditions into account. But the Green New Deal advocate and Bronx populist asked no questions during the debate, and much of what Powell said on Wednesday repeated comments made Tuesday to the Republican-controlled Senate Banking Committee, including that the economy is on solid ground and the Fed would be patient on raising rates.
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