balance sheet: everyone on the record

balance sheet: everyone on the record — The Minutes https://minutesof.com/on/balance-sheet/ Everyone on the record about balance sheet: 42 verbatim quotes from 3 people, May 2025 to February 2026, in one chronology, each with a timestamp and a… en Mon, 31 Aug 2026 13:17:58 +0000 John Williams: Williams says potential changes to bank liquidity requirements may eventually reduce reserve de https://minutesof.com/q/f92c5f1f-dc40-495f-bfc9-115a2ab0f6a5/ https://minutesof.com/q/f92c5f1f-dc40-495f-bfc9-115a2ab0f6a5/ “In particular, future potential changes to bank regulatory liquidity requirements may eventually reduce demand for reserves.” — John Williams, NY Fed speeches balance sheet John Williams: Williams concludes there is no single best way to supply reserves across different jurisdiction https://minutesof.com/q/bcb6d55d-d1c2-4caa-9a73-890be46c0dc6/ https://minutesof.com/q/bcb6d55d-d1c2-4caa-9a73-890be46c0dc6/ “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.” — John Williams, NY Fed speeches balance sheet John Williams: Williams reiterates his main finding that uncertainty increases optimal reserves without a lend https://minutesof.com/q/5d48c164-fb60-4652-9bb4-dec5e65a3a29/ https://minutesof.com/q/5d48c164-fb60-4652-9bb4-dec5e65a3a29/ “First, absent a lending facility, the optimal supply of reserves under uncertainty is greater than it would be absent uncertainty.” — John Williams, NY Fed speeches balance sheet John Williams: Williams says the Fed will resume growing the balance sheet when reserves reach ample levels. https://minutesof.com/q/ef106e76-66d7-4a8c-90a1-676a5ca2201a/ https://minutesof.com/q/ef106e76-66d7-4a8c-90a1-676a5ca2201a/ “When market conditions suggest reserves are ample, we will provide those liabilities by beginning to grow our balance sheet once again.” — John Williams, NY Fed speeches balance sheet John Williams: Williams says the Fed will resume growing the balance sheet when reserves reach ample levels. https://minutesof.com/q/ef106e76-66d7-4a8c-90a1-676a5ca2201a/ https://minutesof.com/q/ef106e76-66d7-4a8c-90a1-676a5ca2201a/ “When market conditions suggest reserves are ample, we will provide those liabilities by beginning to grow our balance sheet once again.” — John Williams, NY Fed speeches balance sheet John Williams: Williams says the Fed will probably need to start expanding the portfolio soon to meet growing https://minutesof.com/q/b781df30-f763-47b1-b276-ba72967fcba1/ https://minutesof.com/q/b781df30-f763-47b1-b276-ba72967fcba1/ “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.” — John Williams, NY Fed speeches balance sheet John Williams: Williams says economic growth will naturally increase demand for Federal Reserve liabilities in https://minutesof.com/q/6c9bd2e4-0243-484a-bbc5-0124443b5e95/ https://minutesof.com/q/6c9bd2e4-0243-484a-bbc5-0124443b5e95/ “After that, growth in the economy will naturally result in increasing demand for Federal Reserve liabilities, including currency and reserves.” — John Williams, NY Fed speeches balance sheet John Williams: Williams says the Committee will consider stopping runoff when reserves reach ample levels. https://minutesof.com/q/6c60a4cc-15d5-4ca7-a9f3-c47b9f2a3e27/ https://minutesof.com/q/6c60a4cc-15d5-4ca7-a9f3-c47b9f2a3e27/ “The Committee has indicated that it will consider stopping balance sheet runoff when we reach that point.” — John Williams, NY Fed speeches balance sheet John Williams: Williams says the Committee will consider stopping runoff when reserves reach ample levels. https://minutesof.com/q/6c60a4cc-15d5-4ca7-a9f3-c47b9f2a3e27/ https://minutesof.com/q/6c60a4cc-15d5-4ca7-a9f3-c47b9f2a3e27/ “The Committee has indicated that it will consider stopping balance sheet runoff when we reach that point.” — John Williams, NY Fed speeches balance sheet John Williams: Williams explains lending facility rate relative to target spread determines precautionary rese https://minutesof.com/q/5e59c6d4-9898-44c9-84b7-8dc40e7ba91c/ https://minutesof.com/q/5e59c6d4-9898-44c9-84b7-8dc40e7ba91c/ “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.” — John Williams, NY Fed speeches balance sheet John Williams: Williams says Treasury's target TGA balance has grown from $320 billion in 2016 to $850 billion https://minutesof.com/q/c4f16071-075a-4a27-870f-f5fbf4e429a2/ https://minutesof.com/q/c4f16071-075a-4a27-870f-f5fbf4e429a2/ “Treasury has increased its assumed quarter-end TGA balance from $320 billion in early 2016 to $850 billion on average in 2025.” — John Williams, NY Fed speeches balance sheet John Williams: Williams clarifies future reserve management purchases will not represent a change in monetary https://minutesof.com/q/0418e705-bff3-40e7-a2f5-5004aed63915/ https://minutesof.com/q/0418e705-bff3-40e7-a2f5-5004aed63915/ “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.” — John Williams, NY Fed speeches balance sheet John Williams: Williams explains runoff stoppage aligns with 2022 plan to end when reserves reach somewhat abo https://minutesof.com/q/216626b0-d87f-4075-8922-b424b3c935ae/ https://minutesof.com/q/216626b0-d87f-4075-8922-b424b3c935ae/ “In its May 2022 plans, the Committee stated that it would stop runoff when reserves were somewhat above an ample level.” — John Williams, NY Fed speeches balance sheet John Williams: Williams clarifies future reserve management purchases will not represent a change in monetary https://minutesof.com/q/3c91b369-34d9-454a-a746-ef497c47240b/ https://minutesof.com/q/3c91b369-34d9-454a-a746-ef497c47240b/ “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.” — John Williams, NY Fed speeches balance sheet John Williams: Williams says Fed will begin gradual asset purchases to maintain ample reserves once that level https://minutesof.com/q/c7e22c82-60f0-49e4-bec4-8cbce5734cd5/ https://minutesof.com/q/c7e22c82-60f0-49e4-bec4-8cbce5734cd5/ “Looking forward, the next step in our balance sheet strategy will be to assess when the level of reserves has reached ample.” — John Williams, NY Fed speeches balance sheet John Williams: Williams says Fed will begin gradual asset purchases to maintain ample reserves once that level https://minutesof.com/q/c7e22c82-60f0-49e4-bec4-8cbce5734cd5/ https://minutesof.com/q/c7e22c82-60f0-49e4-bec4-8cbce5734cd5/ “Looking forward, the next step in our balance sheet strategy will be to assess when the level of reserves has reached ample.” — John Williams, NY Fed speeches balance sheet John Williams: Williams says Fed will begin gradual asset purchases once reserves reach ample level to maintai https://minutesof.com/q/e7887616-e710-4d7b-85ff-12935dc57968/ https://minutesof.com/q/e7887616-e710-4d7b-85ff-12935dc57968/ “It will then be time to begin the process of gradual purchases of assets that will maintain an ample level of reserves” — John Williams, NY Fed speeches balance sheet John Williams: Williams says gradual asset purchases will follow to maintain ample reserves as Fed liabilities https://minutesof.com/q/6b5e19d7-2864-4a77-84c4-35eeb0c9ba14/ https://minutesof.com/q/6b5e19d7-2864-4a77-84c4-35eeb0c9ba14/ “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.” — John Williams, NY Fed speeches balance sheet John Williams: Williams announces FOMC will end balance sheet runoff on December 1. https://minutesof.com/q/9e3f16d7-2108-423b-b466-f84fe06c4915/ https://minutesof.com/q/9e3f16d7-2108-423b-b466-f84fe06c4915/ “At its meeting last week, the FOMC decided it would conclude the reduction of its aggregate securities holdings on December 1.” — John Williams, NY Fed speeches balance sheet John Williams: Williams reports Fed securities holdings fell from $8.5 trillion in 2022 to $6.25 trillion curr https://minutesof.com/q/cd6b4a76-e8ae-44f7-b041-7a17c0c01075/ https://minutesof.com/q/cd6b4a76-e8ae-44f7-b041-7a17c0c01075/ “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.” — John Williams, NY Fed speeches balance sheet John Williams: Williams says monthly RMP pace can likely be significantly reduced after April. https://minutesof.com/q/9b8c5e49-e626-4b93-b5fa-7af3df494181/ https://minutesof.com/q/9b8c5e49-e626-4b93-b5fa-7af3df494181/ “But, as the Desk said in its statement in December, the monthly pace can likely be significantly reduced after April.” — John Williams, NY Fed speeches balance sheet John Williams: Williams announces FOMC decided in October to end balance sheet runoff on December 1. https://minutesof.com/q/fd3e95f6-9c6e-4435-9d25-fb5342b4c6a9/ https://minutesof.com/q/fd3e95f6-9c6e-4435-9d25-fb5342b4c6a9/ “At its meeting in October, the FOMC decided it would conclude the reduction of its aggregate securities holdings on December 1.” — John Williams, NY Fed speeches balance sheet John Williams: Williams says Fed securities holdings fell from $8.5 trillion in 2022 to $6.25 trillion current https://minutesof.com/q/d9bb4311-5318-48da-a44e-799c7efe1f79/ https://minutesof.com/q/d9bb4311-5318-48da-a44e-799c7efe1f79/ “The Fed’s securities holdings have shrunk from a peak of about $8-1/2 trillion in 2022 to $6-1/4 trillion today.” — John Williams, NY Fed speeches balance sheet John Williams: Williams says monthly RMP pace will likely be adjusted soon after April tax season. https://minutesof.com/q/ee37eab4-0adc-408e-a9d7-ecd267336110/ https://minutesof.com/q/ee37eab4-0adc-408e-a9d7-ecd267336110/ “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.” — John Williams, NY Fed speeches balance sheet John Williams: Williams says high uncertainty can make abundant reserves optimal even when target spread sugge 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.” — John Williams, NY Fed speeches balance sheet John Williams: Williams states optimal reserve supply under uncertainty is unequivocally higher than without u 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.” — John Williams, NY Fed speeches balance sheet John Williams: Williams says the Desk is conducting reserve management purchases at $40 billion monthly. https://minutesof.com/q/cfd44648-5105-4f21-aa75-b516b4dde8e3/ https://minutesof.com/q/cfd44648-5105-4f21-aa75-b516b4dde8e3/ “As you know, so far, the Desk has been conducting reserve management purchases at a monthly pace of $40 billion.” — John Williams, NY Fed speeches balance sheet John Williams: Williams says ample reserves lie between $1.5 trillion and the current $3.2 trillion level. https://minutesof.com/q/1ef9e3dd-4051-4826-a29a-d167064aafdf/ https://minutesof.com/q/1ef9e3dd-4051-4826-a29a-d167064aafdf/ “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.” — John Williams, NY Fed speeches balance sheet John Williams: Williams argues historical scholarship shows monetary policy extends beyond short-term rates to https://minutesof.com/q/b2e9c632-f082-487f-b2e2-3079b4600e49/ https://minutesof.com/q/b2e9c632-f082-487f-b2e2-3079b4600e49/ “However, this narrow understanding of monetary policy is alien to the history of monetary economics and central bank practice.” — John Williams, NY Fed speeches balance sheet John Williams: Williams critiques labeling forward guidance and balance sheet policies as unconventional, sugg https://minutesof.com/q/b31c9ebd-f599-4257-8078-09801315aae5/ https://minutesof.com/q/b31c9ebd-f599-4257-8078-09801315aae5/ “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.” — John Williams, NY Fed speeches balance sheet John Williams: Williams critiques labeling forward guidance and balance sheet policies as unconventional, sugg https://minutesof.com/q/b31c9ebd-f599-4257-8078-09801315aae5/ https://minutesof.com/q/b31c9ebd-f599-4257-8078-09801315aae5/ “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.” — John Williams, NY Fed speeches balance sheet John Williams: Williams says SOMA portfolio is now $6.4 trillion or 20 percent of GDP, down from pandemic peak https://minutesof.com/q/c6e637f2-dccf-485c-98b0-3c81992b4257/ https://minutesof.com/q/c6e637f2-dccf-485c-98b0-3c81992b4257/ “Assets are now slowly growing in dollar terms, via RMPs, to maintain ample reserves and accommodate growth in the demand for Federal Reserve liabilities.” — John Williams, NY Fed speeches balance sheet John Williams: Today, reserves total around $2.9 trillion, as shown on the right side of the stylized balance 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 ).” — John Williams, NY Fed speeches balance sheet John Williams: Today, reserves total around $2.9 trillion, as shown on the right side of the stylized balance 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 ).” — John Williams, NY Fed speeches balance sheet John Williams: Williams says the balance sheet has fallen from 35 percent of GDP in early 2022 to around 22 pe https://minutesof.com/q/df7b0ab6-ace3-489b-83de-d53bbf563e37/ https://minutesof.com/q/df7b0ab6-ace3-489b-83de-d53bbf563e37/ “Our balance sheet has fallen from the equivalent of around 35 percent of GDP, in early 2022, to around 22 percent of GDP now.” — John Williams, NY Fed speeches balance sheet John Williams: Williams says the balance sheet has fallen from 35 percent of GDP in early 2022 to around 22 pe https://minutesof.com/q/df7b0ab6-ace3-489b-83de-d53bbf563e37/ https://minutesof.com/q/df7b0ab6-ace3-489b-83de-d53bbf563e37/ “Our balance sheet has fallen from the equivalent of around 35 percent of GDP, in early 2022, to around 22 percent of GDP now.” — John Williams, NY Fed speeches balance sheet John Williams: Williams confirms the FOMC ended balance sheet runoff effective December 1. https://minutesof.com/q/c7e7cd85-2416-4114-8af0-65dbe1b326b7/ https://minutesof.com/q/c7e7cd85-2416-4114-8af0-65dbe1b326b7/ “the Committee made that decision at its October meeting, with portfolio runoff ending effective December 1.” — John Williams, NY Fed speeches balance sheet John Williams: Williams says FOMC ended balance sheet runoff December 1 and began reserve management purchases https://minutesof.com/q/00ddc85c-7126-4465-aca0-bbba4acce352/ https://minutesof.com/q/00ddc85c-7126-4465-aca0-bbba4acce352/ “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.” — John Williams, NY Fed speeches balance sheet John Williams: Williams says the FOMC determined in December that reserves had reached ample levels after thre https://minutesof.com/q/af0c32fa-0fa5-46e4-ba12-23370781e51a/ https://minutesof.com/q/af0c32fa-0fa5-46e4-ba12-23370781e51a/ “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.” — John Williams, NY Fed speeches balance sheet John Williams: Williams says the FOMC determined in December that reserves had reached ample levels after thre https://minutesof.com/q/af0c32fa-0fa5-46e4-ba12-23370781e51a/ https://minutesof.com/q/af0c32fa-0fa5-46e4-ba12-23370781e51a/ “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.” — John Williams, NY Fed speeches balance sheet Brad Gerstner: Gerstner says OpenAI has over $40 billion cash and could raise another $70-100 billion for a fo https://minutesof.com/q/40389807-c542-438d-b0cd-f559e708cfaf/ https://minutesof.com/q/40389807-c542-438d-b0cd-f559e708cfaf/ “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.” — Brad Gerstner, Altimeter Capital Tue, 03 Feb 2026 21:01:23 +0000 balance sheet Marc Rowan: Rowan states half of Apollo's $800 billion in assets is its own balance sheet, aligning outcomes w https://minutesof.com/q/db0379be-7056-4654-83df-73092449040b/ https://minutesof.com/q/db0379be-7056-4654-83df-73092449040b/ “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.” — Marc Rowan, Barron's Thu, 22 May 2025 16:38:39 +0000 balance sheet