Adam posted on the news on Thursday, in summary three officials of the Federal Reserve, Board Governors Cook, Kugler and Jefferson said “the size of the balance sheet could decline considerably further before reserves reach the level consistent with the ample reserves operating framework”
Adam’s post here:
The language used by the Governors seems innocuous but the large-scale decline in the balance sheet would withdraw considerable support from markets already facing higher funds rates.
Adriana Kugler
We don’t hear a lot from Kugler.