Federal Reserve officials surprised some onlookers by unveiling a rough plan for balance sheet runoff in the minutes for their May meeting. They were so on top of things, in fact, that many economists think more formal guidelines could come as early as this week.
“It could be June, it could be July -- I certainly would not expect it to be any later than July,” said Lou Crandall, chief economist at Wrightson ICAP LLC. “The process is moving very quickly.”
