Before the financial crisis, the Federal Reserve’s balance sheet stood at less than $1 trillion, 6% of gross domestic product (GDP). Today, the balance sheet is $4 trillion, 20% of GDP. With policymakers signaling that balance sheet normalization is close to complete, why might the balance sheet remain more than triple its precrisis level?

在金融危机爆发前，美联储的资产负债表不到1万亿美元，占国内生产总值（GDP）的6％。如今，美联储的资产负债表为4万亿美元，占GDP的20％。随着政策制定者发出资产负债表正常化接近完成的信号，为什么资产负债表可能仍然超过危机前的三倍？