the Federal Reserve has released its semi-annual monetary policy report, which mentions that the Fed will continue to significantly reduce its holdings of US Treasury bonds and agency securities in a predictable manner. Since June 2024, the Fed has reduced its securities holdings by $297 billion, and the total amount of securities held has decreased by about $2 trillion since the reduction of its balance sheet began. The Federal Open Market Committee (FOMC) stated that it intends to maintain securities holdings at a level consistent with efficient implementation of monetary policy under an ample reserves regime. To ensure a smooth transition, the FOMC slowed the pace of securities holdings reduction in June 2024 and plans to stop reducing securities holdings when the level of reserves is slightly above what it deems to be consistent with ample reserves.