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Williams says Fed to start balance sheet unwind later this year

Federal Reserve Bank of San Francisco President John Williams said April 6 that the U.S. central bank will likely begin reducing the size of its balance sheet later this year.

Williams also said during an event in Frankfurt that he continues to project a total of three interest rate hikes will be appropriate this year, according to a report from Bloomberg News.

The San Francisco Fed president also said that the balance sheet normalization process could take about five years, depending on how much policymakers ultimately decide they want to shrink their asset holdings.

Williams is not a voting member of the FOMC in 2017.