Evans says the Fed will be clear about its balance sheet policy in the Q&A.
problem is that while the Fed has been accumulating trillions on its
balance sheet, it's barely discussed how it's going to exit.
between the lines, it's clear that halting reinvestment and letting in
run off will be the policy but there's also talk of getting out of MBS
and swapping it to Treasuries first.
No one knows how much of the 2.39% 10-year Treasury yield is due to the Fed.