The New York Federal Reserve branch’s Roberto Perli is manager of the Fed’s System Open Market Account (SOMA).

Earlier:

Perlis is speaking before the Money Marketeers of New York University. In the Q&A now:

• if Fed pauses quantitative tightening, it would not alter the endgame

The ‘end game’. of course, is the continued run down of the balance sheet. What is probably more interesting is the question was asked, the prospect of the Fed having to pause the run down? I can’t see that happening not in the short run at least. Times are uncertain though, what with all the policy volatility. The wildcard right now is the US government current debt-ceiling impasse.