In particular, what does the Committee judge to be normal in regard to the type and duration of assets that we will hold? On composition, in line with our previously announced normalization principles, I favor a return to a balance sheet with all Treasury securities, allowing our mortgage-backed securities (MBS) holdings to run to zero.
In those principles, we also state that while we do not expect sales of MBS as part of the normalization process, later we would be open to limited sales to reduce or eliminate residual holdings of MBS.