In this conversation, J.P. Morgan Research analysts Matt Jozoff, Alex Roever, and Jay Barry discuss the Fed’s balance sheet and securities holdings, and evaluate the case for tapering the pace of securities purchases.

This podcast was recorded on September 8, 2020.

This communication is provided for information purposes only.  Institutional clients can view related material at www.jpmm.com/#research.rates.us for more information; please visit www.jpmm.com/research/disclosures for important disclosures. A version of this podcast was previously disseminated to institutional clients with the title “Have Fed bond purchases gone too far?: September 8, 2020.” © 2020 JPMorgan Chase & Co. All rights reserved.