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Dudley: A Skeptical View of the Impact of the Fed's Balance Sheet
It is a pleasure to be able to comment on this year’s U.S. Monetary Policy Forum paper. As always, what I have to say here today reflects my own views and not necessarily those of the Federal Open Market Committee (FOMC) or the Federal Reserve System.1 To say that I was interested in this year’s topic is an understatement. The use of the Federal Reserve’s balance sheet has been an important element of U.S. monetary policy over the past decade. The start of the reversal of that expansion—the so-called process of balance sheet normalization—has been a key focus of the FOMC’s monetary policy deliberations ... (full story)