Economy

Fed’s Brainard sees balance sheet reduction soon and ‘at a rapid pace’

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Lael Brainard, Federal Reserve governor and President Bidens nominee to be the new vice-chair of the Federal Reserve, speaks during her nomination hearing with the Senate Banking Committee on Capitol Hill January 13, 2022 in Washington, DC.

Drew Angerer | Getty Images

Federal Reserve Governor Lael Brainard, who normally favors loose policy and low rates, said Tuesday that the central bank needs to act quickly and aggressively to drive down inflation.

In a speech for a Minneapolis Fed discussion, Brainard said that policy tightening will include a speedy reduction in the balance sheet and a steady pace of interest rate increases. Her comments indicated that rate moves could be higher than…



Source cnbc.com

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