BPI's Bill Nelson Sees Fed Pushing Reserves Below Resistance Point [Financial Post (Toronto, Ontario, Canada)]
Bank of America Corporation (BAC)
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — As the Federal Reserve shrinks its balance sheet, there's a chance policymakers will keep unwinding passed the point of scarcity in reserve balances, according to Bill Nelson, head of research at the Bank Policy Institute. Remarks by the former Fed economist are the latest to surface as Wall Street and the US central bank focus on what level of bank reserves is appropriate to guarantee liquidity and avert blowups in financial markets. The amount of cash institutions have parked at the Fed stands at nearly $3.62 trillion. That's a level policymakers characterize as abundant, and they're aiming for ample, which Chair Jerome Powell defined at last month's press conference as “a little bit less” than that. Article content Article content “Based on market participants and based on past experience and how demand moves up, it's reasonable to think the
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