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30min chapter
Roberto Perli on the Past, Present, and Future of the Fed’s Balance Sheet
Macro Musings with David Beckworth
Understanding the Federal Reserve's Balance Sheet Dynamics
This chapter provides a comprehensive analysis of the Federal Reserve's balance sheet dynamics, focusing on the pivotal role of the HonorRP in influencing market dynamics and maintaining interest rates. It discusses the decision to slow down balance sheet runoff, the importance of managing reserves to avoid market stress, and the structural demand for reserves by banks over time. The chapter also explores the Federal Reserve's operating system and how the floor system ensures stability and effective interest rate control.
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