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The Weekly Fix: Financial Conditions Are Easing. Maybe That's OK

Christopher Waller, governor of the U.S. Federal Reserve, speaks with attendees during the Center for Financial Stability Event in New York, U.S., on Friday, Nov. 19, 2021. 

Christopher Waller, governor of the U.S. Federal Reserve, speaks with attendees during the Center for Financial Stability Event in New York, U.S., on Friday, Nov. 19, 2021. 

Photographer: Bess Adler/Bloomberg

Welcome to the Weekly Fix, where liquidity is ample and hedges are cheap. I’m cross-asset reporter Katie Greifeld.

Wednesday marked the official start of the Federal Reserve’s balance sheet shrinkage, with a $15 billion batch of Treasury securities set to mature -- without reinvestment -- on June 15.