Fed's Waller says no need to slow balance sheet drawdown at this time
"Reducing the Federal Reserve's balance sheet is an important part of normalizing monetary policy implementation and reducing unneeded reserves in the banking system," Waller said in a statement explaining his dissent on the balance sheet decision included in the policy statement issued by the central bank on Wednesday. "There is no evidence from money market indicators or my outreach conversations that the banking system is getting close to an ample level of reserves," Waller said.