The US Federal Reserve reduced its balance sheet by $9.066 billion this week. The policy of quantitative tightening continues, the decline is proceeding systematically. If you do not take into account the rebound in March 2023 due to the US banking crisis.

The figure sounds impressive if you forget that we are not talking about a company, but about a state called the USA. And we are talking about a very small decrease from 7.362 trillion $ to 7.353 trillion $.

And it all started with 4.158 trillion $ at the end of February 2020. Then the “Covid pump” of emissions $ and returning to the previous level is no longer realistic. This is one of the reasons why the value of#BTCwill continue to rise.

What did members of the US Federal Reserve talk about in their speeches this week?

- Bostic (with dovish rhetoric and voting power): I continue to believe that the Fed rate can be cut in 2024, despite the macro data.

- Collins (dovish and non-voting member): The rate needs to be held at current levels for longer to achieve the inflation target.

- Logan (hawkish and casting vote): Inflation data for the first few months of 2024 is disappointing, and it's too early to think about cutting interest rates.

- Bowman (permanent chairman, closer to the “hawks”): There are signs of low liquidity in the US debt market. The Fed may not cut interest rates in 2024.