Will Fed Reduce Balance Sheet by $70 Billion This Week?

The Federal Reserve's balance sheet has grown by $20 billion in June. It was supposed to reduce by $47.5 billion. These balance sheet readings come on Wednesdays. The Fed is already about $70 billion off course with one week to go. We can debate whether the Fed should or should not be doing this much QT, but there's no debate on this: the Federal Reserve is destroying the last shreds of its credibility when it contradicts its own policy statements.