On January 27th, Fed Chairman Powell said that the shrinking of the balance sheet will happen after the start of the rate hike. The shrinking will happen in a predictable manner, and no decision has been made on the timing and pace of shrinking the balance sheet. Will be ready to adjust all the details of the abbreviated table approach. Not much can be said about the size, composition and pace of the shrinking of the balance sheet. We intend to raise rates at our March meeting.