Dave McCormick: “The Fed has really spiraled over the last two decades in…”

“So he's not going to take the way the Fed has operated in the past is a, is a predictor of how shock reformers hearts means something. So first of all he, The Fed has really spiraled over the last two decades in terms of its mandate, how it's used its balance sheet. really taken on a set of responsibilities that weren't consistent with its original mandate. I think he's, he's going to think about bringing it back to a more narrow ambition and over time shrinking that balance sheet.” (01:02–01:10)

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.