The Federal Reserve’s Balance Sheet: Some Major League Questions

Beth Hammack
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Beth Hammack: https://www.clevelandfed.org/people/profiles/h/hammack-beth-m

Speech from Federal Reserve Bank of Cleveland

Abstract: A third policy tool, one which usually does not garner the same attention as the first two, is the Federal Reserve’s balance sheet. While the balance sheet is often operating in the background, it has become a more active tool of policy since 2007. As we normalize the balance sheet in 2025, the FOMC faces a number of decisions, ranging from technical adjustments—such as slowing the pace of runoff at our last meeting—to more fundamental issues. In my remarks today, I will provide my perspective on several important issues regarding the balance sheet and raise some questions that I feel need more discussion.

Pages: 15
Date: 2025-04-23
New Economics Papers: this item is included in nep-acc
Note: Remarks before the Money Marketeers of New York University, Inc., 6:30 PM EDT.
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