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The Core Thesis > Joseph Wang argues that the Federal Reserve is losing its independence over its balance sheet policy due to the massive U.S. fiscal deficit. This "Balance Sheet Dominance" means the Fed’s balance sheet size is now dictated by the need to fund the government and keep the repo market stable, rather than by purely discretionary monetary policy goals.
1. The Demand for Repo Financing
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The repo market experienced notable but expected upward rate pressures over 2025 year-end, but overall money market conditions were orderly. More: https://nyfed.org/3LDy4D1