The Minutes of John Williams on reserves https://minutesof.com/john-williams/on/reserves/ Everything John Williams has said on reserves: 7 verbatim quotes, each with a timestamp and a link to the recording it came from. en Sun, 30 Aug 2026 16:23:02 +0000 Today, reserves total around $2.9 trillion, as shown on the right side of the stylized balance sheet ( Panel 2 https://minutesof.com/q/ea9a2b4f-3104-4346-9eaf-b4fac62823ac/ https://minutesof.com/q/ea9a2b4f-3104-4346-9eaf-b4fac62823ac/ “Today, reserves total around $2.9 trillion, as shown on the right side of the stylized balance sheet ( Panel 2 ).” — NY Fed speeches reserves Williams states optimal reserve supply under uncertainty is unequivocally higher than without uncertainty when https://minutesof.com/q/6b20022b-66ee-4d47-9b2b-8cf03ee25ee8/ https://minutesof.com/q/6b20022b-66ee-4d47-9b2b-8cf03ee25ee8/ “Absent a lending facility, the optimal supply of reserves under uncertainty is unequivocally higher than it is without uncertainty.” — NY Fed speeches reserves Williams notes Treasury estimates TGA balances could peak around $1.025 trillion by late April, drawing down r https://minutesof.com/q/4cbaa82b-c0e1-4873-acdc-21f48e9c7e7f/ https://minutesof.com/q/4cbaa82b-c0e1-4873-acdc-21f48e9c7e7f/ “In fact, the U.S. Treasury recently estimated that TGA balances could peak around $1.025 trillion by late April, amid tax season inflows, likely resulting in a notable drawdown in reserves.” — NY Fed speeches reserves Williams says high uncertainty can make abundant reserves optimal even when target spread suggests ample reser https://minutesof.com/q/ad88fd72-7c25-47ae-907a-97a43cd8fb57/ https://minutesof.com/q/ad88fd72-7c25-47ae-907a-97a43cd8fb57/ “Indeed, if the uncertainty is great enough, the optimal level of reserves can exceed the cutoff for abundant reserves under no uncertainty.” — NY Fed speeches reserves Williams argues mean spread equaling target does not prove policy optimality under uncertainty. https://minutesof.com/q/d0d60d54-0171-4dcb-a1d1-4387457a2e26/ https://minutesof.com/q/d0d60d54-0171-4dcb-a1d1-4387457a2e26/ “Therefore, one cannot judge whether the policy is optimal simply because the mean spread equals its target.” — NY Fed speeches reserves Williams notes the SRF was used at June quarter end and mid-September as reserve levels fall. https://minutesof.com/q/6c682eb9-fec6-4c5f-8ba0-b35b9dff4442/ https://minutesof.com/q/6c682eb9-fec6-4c5f-8ba0-b35b9dff4442/ “But as reserve levels fall this is shifting somewhat, with the SRF used at the recent June quarter end and at the mid-September tax date.” — NY Fed speeches reserves Williams expects Fed will reach ample reserves soon based on sustained repo market pressures. https://minutesof.com/q/f1876f67-a731-45cb-90c4-e96b02fd5e7f/ https://minutesof.com/q/f1876f67-a731-45cb-90c4-e96b02fd5e7f/ “Based on recent sustained repo market pressures and other growing signs of reserves moving from abundant to ample, I expect that it will not be long before we reach ample reserves.” — NY Fed speeches reserves