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12/21/22, 5:40 PM When Quantitative Tightening Is Not Quantitative Tightening | James Bullard | St. Louis Fed Home > Latest from President Bullard > Speeches, Presentations and Commentary From the President When Quantitative Tightening Is Not Quantitative Tightening February 22, 2019 Presentation (pdf) | Press Release Speaking at the 2019 U.S. Monetary Policy Forum in New York, St. Louis Fed President James Bullard made the argument for why the Fed’s balance sheet policy may be less important today than it was during the period when quantitative easing was most effective. Bullard suggested that “it is indeed possible to view quantitative easing as having an important influence on the macroeconomy and simultaneously view the macroeconomic effects of unwinding the balance sheet as relatively minor.” This may be one reason why the Federal Open Market Committee’s balance sheet reduction policy beginning in the fall of 2017 “seemed to have only minor effects in financial markets,” he said. Read the related article in the St. Louis Fed On the Economy blog, March 7, 2019. FOLLOW US SIGN UP FOR EMAIL ALERTS Receive updates in your inbox as soon as new content is published on our website SIGN UP https://www.stlouisfed.org/from-the-president/speeches-and-presentations/2019/quantitative-tightening 1/2 12/21/22, 5:40 PM When Quantitative Tightening Is Not Quantitative Tightening | James Bullard | St. Louis Fed QUICK LINKS About Us Legal Information Contact Us Privacy Policy Careers Doing Business with the Fed Events Federal Reserve Services Visiting the St. Louis Fed Federal Banking Regulations https://www.stlouisfed.org/from-the-president/speeches-and-presentations/2019/quantitative-tightening 2/2