13 See Board of Governors of the Federal Reserve System (2017), “Minutes of the Federal Open Market Committee, March 14-15, 2017,” press release, April 5, https://www.federalreserve.gov/newsevents/pressreleases/monetary20170405a.htm. 14 See Board of Governors, “Minutes of the Federal Open Market Committee, May 2-3, 2017,” in note 11.
-8•  In the long run, the balance sheet should be no larger than it needs to be to allow the Committee to conduct monetary policy under its chosen framework. 15  Taken together, the Committee’s communications present the broad outline of our likely approach to normalizing the balance sheet.