FOMC Minutes - 2024-04-09

Lots of detailed discussion of slowing the pace of balance sheet run-off. The first step will be to cut the pace by half -- and it sounds like it could come really soon. It'll just be Treasuries (for MBS, actual run-off is already well below the current monthly cap). Lots of concern that a replay of 2019's havoc in funding markets must be avoided. Rate cuts this year seem certain -- but with all the usual caveats about disinflation needing to continue.