14 6/7  BIS central bankers' speeches  14 See Brian Bonis, Jane Ihrig, and Min Wei (2017), “Projected Evolution of the SOMA Portfolio and the 10-Year  Treasury Term Premium Effect,” FEDS Notes (Washington: Board of Governors of the Federal Reserve System, September 22).
15 Moreover, as the FOMC announced in June, the Committee decided to cap the monthly run-off in the Federal  Reserve’s securities holdings, making the balance sheet normalization process even more predictable and gradual.