The U.S. central bank is settling for a big balance-sheet future. richardbeales1
In testimony to the U.S. House of Representatives on Feb. 27, U.S. Federal Reserve Chairman Jerome Powell said the central bank would be in a position to stop the process of balance-sheet runoff later this year.
Minutes of the Jan. 29-30 Federal Open Market Committee meeting, released on Feb. 20, indicate that participants thought it would be “desirable to announce before too long a plan to stop reducing the Federal Reserve’s asset holdings later this year.” At the end of 2018, the Fed’s total assets stood at just over $4 trillion, up from under $900 billion at the end of 2007, though down from an early 2015 peak above $4.5 trillion.
Among the liabilities of the central bank, currency in circulation totaled $1.7 trillion at the end of 2018, more than double the amount 11 years earlier. Bank deposits, or reserves, were $1.6 trillion, up from typical levels of just tens of billions of dollars prior to the financial crisis of 2008-2009.
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