It will also be affected by how much reserves commercial banks want to hold, said former Fed official Eric Swanson. “It’s nice for the Fed to be clear, but in this case they can’t be,” said Swanson, now a professor at the University of California, Irvine.

For the full story, please visit https://www.bloomberg.com/news/articles/2017-05-01/fed-s-cut-in-huge-bond-holdings-may-be-messier-than-yellen-hopes.

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