Fed balance sheet could surpass crisis-era peak by 2025

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The US Federal Reserve’s balance sheet could be as large as $4.7 trillion by 2025, surpassing its peak of roughly $4.5 trillion between 2014 and 2016.

The New York Fed report, published on September 3, shows the central bank may start buying Treasuries outright as soon as this year, or as late as 2025, depending on the supply of reserves and growth of non-reserve liabilities.

The assumptions in the report are drawn from a June survey of primary dealers and a market practitioner survey. The New

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