We do not yet have the quarterly GDP data for the third quarter of 2016/17, but the BOU’s composite indicator of economic activity – which is a high frequency indicator – shows that there was a rebound in economic activity in that quarter, with an acceleration of growth in both the industrial and services sectors.
However, to help reduce the size of our balance sheet and the quantity of reserves, we are allowing agency debt and MBS to run off as they mature or are prepaid. The Federal Reserve is currently rolling over all maturing Treasury securities, but in the future it may choose not to do so in all cases.