The Federal Reserve’s drive to shrink its swollen balance sheet is poised to hit $1tn this month, a significant milestone in the US central bank’s attempt to reverse years of easy pandemic-era monetary policy as investors warn further reductions threaten to shake financial markets.
The US central bank bought trillions of dollars of government bonds and mortgage-backed securities to help stabilise the financial system during the early stages of the Covid-19 pandemic, but last spring started letting its holdings mature without replacing them.
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