Fed’s Waller: I preferred to continue current pace of balance sheet runoff

Waller offered a rare dissent from a Fed governor this week but it was related to the pace of the balance sheet runoff.

• Slowing or stopping runoff will be appropriate as we get closer to ample reserves
• In my view we’re not there yet because reserve balances stand at over $3 trillion and this level is abundant
• No evidence that banking system is getting close to ample level of reserves

This article was written by Adam Button at www.forexlive.com.