Jerome Powell, chair of the Federal Reserve, speaks during a House financial services committee hearing in Washington, DC, the US, February 27 2019. Powell said the Fed will pay attention to volatility in financial markets if it threatens economic stability. Picture: AARON BERNSTEIN/BLOOMBERG
"We going to be in a position ... to stop runoff later this year," he said, adding that doing so would leave the balance sheet at about 16% or 17% of GDP, up from about 6% before the financial crisis about a decade ago. But in a series of meetings that began in November, the Fed has been hammering out a new approach. With rising demand for currency around the world, and from US banks for reserves held at the central bank, Fed policymakers now believe a big balance sheet is necessary just to ensure it has proper control over the short-term interest rates it sets to manage the economy.
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