I would also see it as appropriate to begin the process of reducing the size of the  -5balance sheet later this year. Of course, both decisions will depend on the performance of the economy. To put this process in context, consider where we have come from.
Ten years ago, in the summer of 2007, we were just entering the most painful economic crisis since the Great Depression. The crisis and its aftermath prompted large-scale policy interventions by the Federal Reserve and other authorities to avert the collapse of the financial system and prevent the economy from spiraling into depression.