President Donald Trump last week called on the U.S. Federal Reserve to start bui...
NEW YORK/SAN FRANCISCO - President Donald Trump last week called on the U.S. Federal Reserve to start building up its war chest of bonds again. He may get his wish - though not for the reason he wants.
The Fed has been reducing its bond hoard as it works toward normalizing monetary policy. But later this year, it will stop shrinking the stockpile, leaving it holding more than $3.5 trillion in securities. The Fed’s liabilities include funds the Fed created to buy the bonds, many of which now sit in banks’ reserve accounts at the central bank. The liabilities also include paper money and deposits from the Treasury.
In 2017, the Fed began to let its balance sheet shrink in an effort to put policy back on normal footing. That too drew criticism, with Trump and investors accusing the Fed of tightening policy too far. Philadelphia Fed President Patrick Harker went further, saying there is a “general consensus” to do so.
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