But at least it shows that we have been consistent on this point since at least mid-1996. •  The second point is that if you have a very long expansion, it seems reasonable to me that it will include a number of phases of monetary policy.
On the asset side, the balance sheet increased by about $ trillion as the FOMC acquired securities in its QE programs. These assets were matched on the liability side of the Federal Reserve’s balance sheet by a $ trillion increase in reserve balances held by commercial banks, a $ billion increase in currency outstanding, and a $ billion increase in other liabilities.