2024-05-20
50 分钟Welcome to Macro musings, where each week we pull back the curtain and take a closer look at the most important macroeconomic issues of the past, present and future.
I am your host, David Beckwourth, a senior research fellow at the Mercator center at George Mason University.
And I'm glad you decided to join us.
Our guest today is Roberto Perley.
Roberto is the manager of the System Open market account, or SoMA, and a senior leader in the New York Fed's market group.
In his role, Roberto is responsible for implementing monetary policy at the direction of the Federal Open Market Committee, or FOMC.
Roberto joins us today to discuss a recent speech he made that is titled Balance Sheet Reduction, progress to date and a look ahead.
Roberto, welcome back to the show.
David, thank you.
Thank you very much.
It's a great pleasure to be here.
To be back actually after what, three years, I think.
Yes.
Last time you rejoined us, it was October 2020.
A very different conversation than we'll have today.
Back then, fate had just been introduced.
We were talking about it.
I think we talked about how it was similar to temporary price level targeting and some of the issues surrounding it.
I think I back then was promoting nominal GDP targeting, but that's not our conversation today.
Today we're going to talk about Fed's balance sheet, its runoff plans and the big announcement that came out the last FOMC meeting and your role, your role in all of this as the Soma manager.