Fed's Balkin: Balance sheet drawdown likely to be slower, last longer

Fed Balkin said to cut rates, you need to have confidence in inflation; now is not the time to say how many rate cuts are expected this year. stagflation in the 1970s was characterised by dysfunctional inflation expectations, but this is not currently seen. Concerned about inflation and employment, there is no rush to cut rates. And said balance sheet drawdown could be slower and last longer.