💸 The Fed’s balance sheet shrank by $17.6 billion over the past week.

The Fed is currently in its “quiet period,” with no public comments from officials ahead of the upcoming policy meeting on May 7.

📌 Market expectations for the Fed (FOMC):

• May 7: No change (pause)

• June 18: No change (pause)

• July 30: 25 bps rate cut to 4.00–4.25%

• September 17: 25 bps rate cut to 3.75–4.00%

• October 29: 25 bps rate cut to 3.50–3.75%

• December 10: No change (pause)