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Federal Reserve Governor Christopher Waller has advocated for a reduction in the banking system's reserve levels, suggesting a move from the current $3.26 trillion to approximately $2.7 trillion. He added that, when combined with the currency in circulation held by the Fed and the balance in the Treasury General Account, the overall balance sheet size should be maintained at roughly $5.8 trillion, a notable decrease from the current size of approximately $6.7 trillion. Notably, Waller is reportedly among the candidates being considered by President Trump to succeed as the next Federal Reserve Chair. In his speech on Thursday, Waller emphasized that while the Fed should continue to shrink its balance sheet, it does not necessitate a drastic contraction as some observers and economists have proposed.
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