Harriet Torry
speaker
611 appearances
11 recordings
1 series
first heard Sep 2017
last heard Dec 2024
Harriet Torry’s voice in public audio — every appearance, attributed to the second.
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Appearances
And the Fed is very keen to keep the balance sheet aspect as much in the background as it can.
We've heard from Fed officials that the whole process should be as, quote, as boring as watching paint dry.
I think people were very burned by the taper tantrum in 2013.
So the Fed's objective from the outset of the balance sheet process has been to try and make the process as smooth and predictable as possible.
That is correct.
Yeah.
So the way that they will start off with monthly caps, what's important to note as well, people do get this wrong sometimes, is that they're not actually going to actively sell anything.
The way that this will work is that maturing securities will run off.
And in the past, they've been reinvesting the proceeds from these maturing securities.
They'll just run off.
That's how the process will work.
And starting from October, they're going to cap...
the amount of securities that will roll off.
So the monthly caps will start at about 10, it'll be 10 billion.
So that's 6 billion in treasury securities and 4 billion agency securities from October to December of this year.
And those caps will gradually increase by about 3 billion every few months until they will increase quite a lot.
So by October 2018,
the runoff amounts will be about 50 billion a month in total.
That's right.
And one of the things that Yellen was keen to point out in her press conference today was that the Fed wants to stick with this plan.
Showing 561–580 of 611 · page 29 of 31
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