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The three newest Federal Reserve governors, including Vice Chair Philip Jefferson, have told a U.S. senator it's unclear how much further the central bank's balance sheet wind-down process will run, but said it is likely the process faces no imminent end. "The size of our balance sheet ultimately will depend on the public's demand for our liabilities, particularly currency and reserves and we cannot specify in advance what that demand will be, hence we are not targeting any particular dollar value for our balance sheet," Jefferson wrote in a letter to Republican U.S. Senator Rick Scott. "Under plausible assumptions the size of the balance sheet could decline considerably further before reserves reach the level consistent with the ample reserves operating framework," Jefferson wrote in response to a series of questions from Scott about the roughly $8 trillion balance sheet.

United statesAdriana kuglerDan burnsLisa cookPaul simaoRick scottLoretta mesterMichaels derbyJerome powellPhilip jeffersonFederal reserveVice chair philip jeffersonFed governors lisa cookFed chair jerome powellCleveland fed president loretta mesterInspector general