Balance Sheet Normalization: When Will Agency MBS Holdings Decline?
from Liberty Street Economics
– this post authored by Andreas Fuster, Brian Greene, and Brett Rose
In its September 20, 2017, statement, the Federal Open Market Committee (FOMC) said that, beginning in October 2017, it would initiate the balance sheet normalization program described in the June 2017 addendum to the Committee’s Policy Normalization Principles and Plans. Specifically, to reduce the Federal Reserve’s securities holdings, the FOMC directed the New York Fed’s Trading Desk (“the Desk”) to reinvest each month’s principal payments from Treasury securities, agency debt, and agency mortgage-backed securities (MBS) only to the extent that such payments exceed gradually rising caps. This policy implies that the size of the Federal Reserve’s securities holdings will decline in a gradual and predictable manner over time.
Source: http://econintersect.com/pages/contributors/contributor.php?post=201801130547
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