Fed Officials Point to Balance-Sheet Announcement in September

Two regional Federal Reserve presidents signaled that policy makers may announce the timing of the balance-sheet unwind when they meet next month, as the U.S. economy shows itself strong enough to withstand a return to more normal monetary policy.

The September Federal Open Market Committee meeting “would be an appropriate time to do this,” San Francisco Fed chief John Williams told reporters of balance-sheet normalization. He said that’s consistent with what policy makers have been communicating throughout the year, not an acceleration.

“As we’ve gotten closer, our communication has narrowed this down a bit, and market participants on their own have kind of come to this conclusion,” he said.

In an interview with the Wall Street Journal published Wednesday, Boston Fed President Eric Rosengren signaled he, too, might support a balance-sheet announcement at the Sept. 19-20 gathering.

“The market has appropriately started to say, ‘Gee, this seems to be about



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