Dallas Fed President Lorie Logan, whose views on balance-sheet policy are generally seen as more authoritative given her long tenure as a senior executive at the New York Fed, made a full throated defense of the Fed’s ample-reserves regime in her talk today. Logan: “I’m proud the Fed adopted it, and I’m committed to continuing it.” This is notable given attacks from both the Senate, where a populist backlash on both sides of the aisle have proposed revoking the ability to pay interest on reserves, and from both the administration and some of the candidates vying to succeed Powell, who have argued for a much smaller balance sheet. Bowman’s September speech made the case for a much different type of ample reserves regime, if not a more than partial retreat to a ‘more scarce’ reserves regime. Other colleagues have also recently defended the current regime, with Chris Waller describing as “idiocy” the idea of making banks compete for reserves at the end of every day.(Nick Timiraos)