Bill Dudley, Columnist

The Fed’s $6 Trillion Balance Sheet Is About Right

October 28, 2025 at 10:30 AM UTC

Bill Dudley is a Bloomberg Opinion columnist. A former president of the Federal Reserve Bank of New York, he is a member of Coinbase Global's advisory council.

The Fed’s work is never done.
Photographer: Kevin Dietsch/Getty Images

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The US Federal Reserve will soon face a crucial decision: What to do with the vast portfolio of securities it has amassed in its efforts to manage the economy?

The best and safest approach would be to stop the shrinkage known as quantitative tightening very soon. That’s what I expect it to do.