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FED PREPARES DOUBLE-BARRELED TIGHTENING WITH BOND RUNOFF


OFFICIALS’ PLANS FOR THEIR $9 TRILLION ASSET PORTFOLIO REFLECT MANY
SIMILARITIES—AND DIFFERENCES—FROM EARLIER EXPERIMENT TO SHRINK HOLDINGS

How the Federal Reserve Raises Interest Rates
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How the Federal Reserve Raises Interest RatesPlay video: How the Federal Reserve
Raises Interest Rates

The Federal Reserve's main tool for managing the economy is to change the
federal funds rate, which can affect not only borrowing costs for consumers but
also shape broader decisions by companies like how many people to hire. WSJ
explains how the Fed manipulates this one rate to guide the entire economy.
Illustration: Jacob Reynolds
By
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May 1, 2022 5:30 am ET

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To support financial markets and the economy during the pandemic, the Federal
Reserve more than doubled its asset portfolio of mostly Treasury and mortgage
securities to a mammoth $9 trillion.

This Wednesday, officials are to announce plans on how they will shrink those
holdings. Expect the process to be faster and potentially more disruptive to
financial markets than last time.

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