Big banks eyed another year of balance sheet cuts - NY Fed survey
© Reuters. People walk by the Federal Reserve Bank of New York in the financial district of New York City, U.S., June 14, 2023. REUTERS/Shannon Stapleton
The dealers were surveyed ahead of the Sept. 19-20 Federal Open Market Committee meeting. At that gathering officials kept their interest rate target range steady at between 5.25% and 5.5%, while keeping alive the prospect of one more hike this year, with rates staying higher for longer relative to what officials expected at the June FOMC meeting.
On Tuesday, Roberto Perli, who leads the implementation of monetary policy for the New York Fed, said the central bank is targeting what it deems an"ample" amount of bank reserves, noting “we know that the transition from abundant to ample will occur at some point, but we don’t know when. For now, that moment does not seem to be on the horizon."
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