Golden Finance reported that several of Wall Street's largest banks expect the Federal Reserve to end the process of reducing its balance sheet in April next year, which is consistent with their expectations for the Fed in July. A survey of so-called primary market dealers conducted by the New York Federal Reserve before the Federal Reserve's interest rate meeting last month showed that "most dealers said they expect the end of the balance sheet reduction to depend on the level of reserves, overnight reverse repurchases, or an assessment of the upward pressure on money market rates relative to managed rates. Some dealers said that macro factors pose risks to their prospects for ending the balance sheet reduction." The Fed's current balance sheet size is about $7 trillion.