Who is on this subjectordered by the date of their first quote here
2 of 3 lanes rest on fewer than 5 quotes and are marked thin. Offsets are days from the middle first-quote date, 22 May 2025 — a date, and nothing else. It is not a claim about who reached a view first.
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Marc Rowan
1
thin
22 May 2025 – 22 May 2025
+0 d
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Brad Gerstner
1
thin
3 Feb 2026 – 3 Feb 2026
+257 d
- John Williams 40
The chronologysourced and dated, oldest first
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Marc Rowan
Rowan states half of Apollo's $800 billion in assets is its own balance sheet, aligning outcomes with investors.
“When you look at an asset manager with some $800,000,000,000 of assets under management, 400,000,000,000 is our own balance sheet.”
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Brad Gerstner
Gerstner says OpenAI has over $40 billion cash and could raise another $70-100 billion for a fortress balance sheet.
“If these reports are true and they're gonna raise another 70 to 100,000,000,000, they would have over a 100,000,000,000 of cash on their balance sheet.”
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John Williams
Williams says the FOMC determined in December that reserves had reached ample levels after three years of runoff.
“After more than three years of balance sheet reduction, the FOMC ended runoff last fall, then determined in December that reserves had reached ample levels, consistent with the principles and plans it had outlined in 2022.”
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John Williams
Williams says the FOMC determined in December that reserves had reached ample levels after three years of runoff.
“After more than three years of balance sheet reduction, the FOMC ended runoff last fall, then determined in December that reserves had reached ample levels, consistent with the principles and plans it had outlined in 2022.”
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John Williams
Williams says FOMC ended balance sheet runoff December 1 and began reserve management purchases in December 2025.
“First, having determined that reserve balances were approaching the ample range, at its October 2025 meeting it decided to conclude the runoff of aggregate SOMA securities holdings effective December 1; and second, when it judged that reserves declined to the ample range in December, it instructed the Desk to begin reserve management purchases (RMPs) to maintain reserves within that range.”
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John Williams
Williams confirms the FOMC ended balance sheet runoff effective December 1.
“the Committee made that decision at its October meeting, with portfolio runoff ending effective December 1.”
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John Williams
Williams says the balance sheet has fallen from 35 percent of GDP in early 2022 to around 22 percent now.
“Our balance sheet has fallen from the equivalent of around 35 percent of GDP, in early 2022, to around 22 percent of GDP now.”
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John Williams
Williams says the balance sheet has fallen from 35 percent of GDP in early 2022 to around 22 percent now.
“Our balance sheet has fallen from the equivalent of around 35 percent of GDP, in early 2022, to around 22 percent of GDP now.”
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“Today, reserves total around $2.9 trillion, as shown on the right side of the stylized balance sheet ( Panel 2 ).”
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“Today, reserves total around $2.9 trillion, as shown on the right side of the stylized balance sheet ( Panel 2 ).”
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John Williams
Williams says SOMA portfolio is now $6.4 trillion or 20 percent of GDP, down from pandemic peak of $8.5 trillion.
“Assets are now slowly growing in dollar terms, via RMPs, to maintain ample reserves and accommodate growth in the demand for Federal Reserve liabilities.”
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John Williams
Williams critiques labeling forward guidance and balance sheet policies as unconventional, suggesting this makes them appear suspect.
“Indeed, there even has been a label attached to it: “conventional monetary policy.” By implication, other monetary policy actions that have been used—such as forward guidance and balance sheet policies—are deemed “unconventional,” and therefore somewhat suspect.”
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John Williams
Williams critiques labeling forward guidance and balance sheet policies as unconventional, suggesting this makes them appear suspect.
“Indeed, there even has been a label attached to it: “conventional monetary policy.” By implication, other monetary policy actions that have been used—such as forward guidance and balance sheet policies—are deemed “unconventional,” and therefore somewhat suspect.”
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John Williams
Williams argues historical scholarship shows monetary policy extends beyond short-term rates to broader liquidity and longer-term rates.
“However, this narrow understanding of monetary policy is alien to the history of monetary economics and central bank practice.”
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John Williams
Williams says ample reserves lie between $1.5 trillion and the current $3.2 trillion level.
“As I said, it’s hard to estimate exactly what constitutes an ample level of reserves. We know that number is lower than the current $3.2 trillion, since market indicators still point to reserves remaining abundant.”
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John Williams
Williams says the Desk is conducting reserve management purchases at $40 billion monthly.
“As you know, so far, the Desk has been conducting reserve management purchases at a monthly pace of $40 billion.”
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John Williams
Williams states optimal reserve supply under uncertainty is unequivocally higher than without uncertainty when no lending facility exists.
“Absent a lending facility, the optimal supply of reserves under uncertainty is unequivocally higher than it is without uncertainty.”
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John Williams
Williams says high uncertainty can make abundant reserves optimal even when target spread suggests ample reserves region.
“Indeed, if the uncertainty is great enough, the optimal level of reserves can exceed the cutoff for abundant reserves under no uncertainty.”
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John Williams
Williams says monthly RMP pace will likely be adjusted soon after April tax season.
“An adjustment to our monthly purchase pace is likely to happen soon. Beyond April, the TGA is likely to decline as the Treasury uses the funds it receives via tax inflows to pay its obligations.”
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John Williams
Williams says Fed securities holdings fell from $8.5 trillion in 2022 to $6.25 trillion currently.
“The Fed’s securities holdings have shrunk from a peak of about $8-1/2 trillion in 2022 to $6-1/4 trillion today.”
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John Williams
Williams announces FOMC decided in October to end balance sheet runoff on December 1.
“At its meeting in October, the FOMC decided it would conclude the reduction of its aggregate securities holdings on December 1.”
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John Williams
Williams says monthly RMP pace can likely be significantly reduced after April.
“But, as the Desk said in its statement in December, the monthly pace can likely be significantly reduced after April.”
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John Williams
Williams reports Fed securities holdings fell from $8.5 trillion in 2022 to $6.25 trillion currently.
“The process has worked according to plan. The Fed’s securities holdings have shrunk from a peak of about $8-1/2 trillion in 2022 to $6-1/4 trillion today.”
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John Williams
Williams announces FOMC will end balance sheet runoff on December 1.
“At its meeting last week, the FOMC decided it would conclude the reduction of its aggregate securities holdings on December 1.”
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John Williams
Williams says gradual asset purchases will follow to maintain ample reserves as Fed liabilities grow over time.
“It will then be time to begin the process of gradual purchases of assets that will maintain an ample level of reserves as the Fed’s other liabilities grow and underlying demand for reserves increases over time.”
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John Williams
Williams says Fed will begin gradual asset purchases once reserves reach ample level to maintain that level.
“It will then be time to begin the process of gradual purchases of assets that will maintain an ample level of reserves”
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John Williams
Williams says Fed will begin gradual asset purchases to maintain ample reserves once that level is reached.
“Looking forward, the next step in our balance sheet strategy will be to assess when the level of reserves has reached ample.”
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John Williams
Williams says Fed will begin gradual asset purchases to maintain ample reserves once that level is reached.
“Looking forward, the next step in our balance sheet strategy will be to assess when the level of reserves has reached ample.”
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John Williams
Williams clarifies future reserve management purchases will not represent a change in monetary policy stance.
“Such reserve management purchases will represent the natural next stage of the implementation of the FOMC’s ample reserves strategy and in no way represent a change in the underlying stance of monetary policy.”
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John Williams
Williams explains runoff stoppage aligns with 2022 plan to end when reserves reach somewhat above ample.
“In its May 2022 plans, the Committee stated that it would stop runoff when reserves were somewhat above an ample level.”
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John Williams
Williams clarifies future reserve management purchases will not represent a change in monetary policy stance.
“Such reserve management purchases will represent the natural next stage of the implementation of the FOMC’s ample reserves strategy and in no way represent a change in the underlying stance of monetary policy.”
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John Williams
Williams says Treasury's target TGA balance has grown from $320 billion in 2016 to $850 billion in 2025.
“Treasury has increased its assumed quarter-end TGA balance from $320 billion in early 2016 to $850 billion on average in 2025.”
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John Williams
Williams explains lending facility rate relative to target spread determines precautionary reserve needs and facility usage.
“This effect is greatest when the lending rate is closer to the target spread. On the other hand, if the lending rate is very high relative to the target spread, then the facility is rarely used, and the optimal supply of reserves is near what it would be absent a facility.”
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John Williams
Williams says the Committee will consider stopping runoff when reserves reach ample levels.
“The Committee has indicated that it will consider stopping balance sheet runoff when we reach that point.”
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John Williams
Williams says the Committee will consider stopping runoff when reserves reach ample levels.
“The Committee has indicated that it will consider stopping balance sheet runoff when we reach that point.”
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John Williams
Williams says economic growth will naturally increase demand for Federal Reserve liabilities including currency and reserves.
“After that, growth in the economy will naturally result in increasing demand for Federal Reserve liabilities, including currency and reserves.”
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John Williams
Williams says the Fed will probably need to start expanding the portfolio soon to meet growing reserve demand.
“The exact timing will depend on several factors, but, as President Williams said, given what we know today we probably won’t have to wait long.”
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John Williams
Williams says the Fed will resume growing the balance sheet when reserves reach ample levels.
“When market conditions suggest reserves are ample, we will provide those liabilities by beginning to grow our balance sheet once again.”
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John Williams
Williams says the Fed will resume growing the balance sheet when reserves reach ample levels.
“When market conditions suggest reserves are ample, we will provide those liabilities by beginning to grow our balance sheet once again.”
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John Williams
Williams reiterates his main finding that uncertainty increases optimal reserves without a lending facility.
“First, absent a lending facility, the optimal supply of reserves under uncertainty is greater than it would be absent uncertainty.”
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John Williams
Williams concludes there is no single best way to supply reserves across different jurisdictions.
“In other words, there is no single best way to supply reserves; rather, the best mix of tools depends on circumstances and policy preferences unique to each jurisdiction.”
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John Williams
Williams says potential changes to bank liquidity requirements may eventually reduce reserve demand.
“In particular, future potential changes to bank regulatory liquidity requirements may eventually reduce demand for reserves.”
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