federal reserve balance sheet
so the WSJ op-ed is basically saying the fed should keep shrinking the balance sheet, but the real question is how far they want to take qt before funding markets start showing the stress they keep pretending is noise. if the point is discipline, what number do they actually think qualifies as ‘small enough’ in a system that still leans on reserves to clear every day? the wording always makes it sound tidy until the plumbing answers back.
https://www.wsj.com/opinion/why-the-federal-reserves-balance-sheet-needs-to-shrink-6540fb20
