Bill Nelson is a chief economist and an executive vice president at the Bank Policy Institute. Bill was previously a deputy director of the Division of Monetary Affairs at the Federal Reserve Board, where his responsibilities included monetary policy analysis, discount window policy analysis, and the analysis and financial institution supervision. He also worked closely with the BIS working groups on the design of liquidity regulations. Bill is also a previous guest of the podcast, are rejoins Macro Musings to talk about the outlook for US monetary policy, the future of the Fed's balance sheet, and its implications for the Fed's operating system and bank regulations. David and Bill also discuss the Fed's response to current macroeconomic events, the stigma surround the standing repo facility, and how to think about exogenous risks to the US banking system. Check out Conversations with Tyler: https://conversationswithtyler.com, and subscribe to Conversations with Tyler on your favorite podcast app. Transcript for the episode can be found here. Bill's Bank Policy Institute profile: https://bpi.com/people/bill-nelson/ Bill's American Banker archive: https://www.americanbanker.com/author/william-nelson-ab3618 Related Links: *The Fed is Stuck on the Floor: Here's How It Can Get Up* by Bill Nelson https://bpi.com/the-fed-is-stuck-on-the-floor-heres-how-it-can-get-up/ *More Taxis Sitting Idle* by Bill Nelson https://bpi.com/more-taxis-sitting-idle/ *Systematic Monetary Policy and the Effects of Oil Price Shocks* by Ben Bernanke, Mark Gertler, and Mark Watson https://www.brookings.edu/wp-content/uploads/1997/01/1997a_bpea_bernanke_gertler_watson_sims_friedman.pdf David's Twitter: @DavidBeckworth David's blog: http://macromarketmusings.blogspot.com/

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“What did the council decide on item 42?” — answered with the speaker and the moment.