Fed's Miran lays out path to shrink central bank balance sheet further - KITCO

Miran's balance sheet reduction talk is classic Fed jawboning while they're trapped by debt dynamics. Every time they've tried quantitative tightening since 2008, markets forced them back to printing. The Fed's balance sheet peaked at $9 trillion and they've barely scratched the surface. Real shrinkage would crater bond markets and spike yields, forcing more money printing. Meanwhile, central banks bought 1,037 tons of gold in 2023 because they know fiat endgames. The Fed can talk tough about balance sheet reduction, but physics wins. When liquidity tightens, gold becomes the ultimate collateral. Stack accordingly.