The Federal Reserve has begun sketching out plans to shrink the size of its balance sheet, which ballooned during the pandemic as it hoovered up government bonds in an attempt to stave off an economic collapse.
The US central bank now holds just under $9tn of assets, more than double the amount compared to early 2020 when it embarked on an unlimited bond-buying programme to prop up markets and lower long-term borrowing costs for business and households facing financial ruin.
Minutes from the Fed’s policy meeting in December, released last week, revealed that policymakers had embarked on their most comprehensive discussion to date of how they intend to manage the process of trimming the size of the balance sheet.
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