- Decline can be accounted for by demographic trends
- There’s a very cognicent risk that Fed might be fueling asset bubbles in certain sectors
- There may be asset bubbles but not of the magnitude of the US housing or tech bubbles
- Low rates not just QE would account for any bubb
- Fed would like to get out of uncharted policy territory if it could
- Balance sheet is smaller than some other central banks when measured as a percentage of GDP
- Fed has some breathing room on size of balance sheet for now
- Sees economic growth accelerating next year
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