Would have supported either waiting to slow QT pace or a more tapered slowing in balance sheet run off.

'In my view' bank reserves are not yet near 'ample' levels given still-sizable take-up of on-RRP.

Important to keep reducing balance sheet size to reach ample reserves as soon as possible and while economy is strong.

Important to communicate any change to run-off rate do not reflect a change in Fed's monetary policy stance .

'Strongly' supports principle of balance sheet holdings primarily being composed of treasuries.

A longer-run balance sheet 'tilted slightly' toward shorter maturities would allow flexibility in approach.

In future, when Fed conducts QE to restore market functioning or financial stability it should communicate that purchases will be temporary and unwound when market conditions have normalized.

FOMC would have benefited from earlier decision to taper and end QE in 2021; would have allowed earlier rate hikes.