#bowmanImportant points in Fed's Bowman's statements:

1. Balance Sheet Reduction:
- It is important to continue reducing the size of the balance sheet to reach sufficient reserves as soon as possible and while the economy is strong.

2. Settlement Rate and Monetary Policy:
- It is important to note that any change in the settlement rate does not reflect a change in the Federal Reserve's monetary policy stance.

3. Balance Sheet Assets:
- I strongly support the principle that balance sheet assets consist primarily of Treasury bonds.

4. Future Asset Purchases and Communications:
- In the future, when the Fed makes asset purchases to restore market functioning or financial stability, it should communicate that the purchases will be temporary and will be canceled when market conditions return to normal.

5. Bank Reserve Levels:
- In my view, bank reserves are still nowhere near adequate levels, given that on-RRP is still being adopted to a significant extent.

#Fed #bowman #btc $BTC