Boston Fed President Eric Rosengren today said that he is prepared to begin the process of reducing the Federal Reserve's vast balance sheet, according to the Financial Times.

"In my view that process could begin relatively soon, and should not significantly alter the (Federal Open Market Committee's) continuing gradual normalization of short-term interest rates," Rosengren said today at the Hyman P Minsky Conference at Bard College.

By eliminating a small part of growing securities while steadily shrinking the volume of securities being reinvested, "the tightening of short-term interest rates should not need to be much different than it would be in the absence of shrinking the balance sheet," he said.

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