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Fed balance sheet runoff pacing stays deliberate

claim: Fed officials still cast balance sheet runoff as gradual and secondary to rates, with no signal of an imminent schedule change.

Policy makers continue to frame balance sheet runoff as a background process rather than a primary tightening lever. Staff briefings still emphasize reserve abundance and market functioning over any near-term change in the runoff schedule. Communication remains that adjustments, if needed, would be gradual and well telegraphed. Markets should treat runoff as steady unless officials mark a clear shift in the next statement or minutes cycle.

2026-09-23 · Score after the byte: 0.