Fed’s Quarles warns big balance sheet could harm credibility

The credibility of the Federal Reserve’s balance sheet policies in the long run relies on more effective management of reserve levels, vice-chair for supervision, Randal Quarles, said on February 6. 

The Fed should consider regulatory and supervisory changes to improve the efficiency of its monetary policy implementation and reserve provision, Quarles said during a speech in New York. As short-term options, he suggests narrowing the collateral eligible for the discount window and averaging the

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