New York Fed survey: Wall Street banks still expect the Fed to end its balance sheet reduction in April next year
Several of the largest banks on Wall Street predict that the Federal Reserve will end the process of reducing its balance sheet in April of next year, which is consistent with their expectations in July. A survey conducted by the New York Fed of so-called primary market dealers before the Fed's interest rate meeting last month showed that "most dealers said they expected the end of balance sheet reduction to depend on the assessment of reserve levels, overnight reverse repurchase agreements, or upward pressure on money market rates relative to administered rates. Some dealers said macro factors posed risks to the prospect of ending the balance sheet reduction." The Federal Reserve's current balance sheet is about $7 trillion.
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