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

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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.

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  • Beth Hammack, 2025. "The Federal Reserve’s Balance Sheet: Some Major League Questions," Speech 99903, Federal Reserve Bank of Cleveland.
    • Handle: RePEc:fip:fedcsp:99903
    DOI: 10.26509/sp-20250423
    Note: Remarks before the Money Marketeers of New York University, Inc., 6:30 PM EDT.
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