Citigroup 8 月 9 日英文长篇，23页。
　　The reason the Fed wants a smaller balance sheet is political.The size andcomposition of its balance sheet accentuate and increase the visibility of the quasifiscalrole it plays and represent a threat to its operational independence.We arguethat there is no major monetary policy management and/or monetary policyeffectiveness argument for shrinking the balance sheet of the Fed.