Fed Official Signals Significant Reduction in Treasury Purchases After Mid-April

Roberto Perli says monthly pace of bond-buying will likely decline post-tax season

Mar. 26, 2026 at 11:38pm

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According to Roberto Perli, a New York Fed official who manages the central bank's market operations, the Federal Reserve is on track to significantly reduce its monthly purchases of government bonds after mid-April, reiterating previous guidance that the volume of Treasury securities bought monthly by the Fed is likely to decline after the U.S. income-tax season ends next month.

Why it matters

The Fed's bond-buying program, known as quantitative easing, has been a key tool used to support the economy during the pandemic. Signaling a reduction in this activity suggests the central bank believes the economy is on more stable footing and no longer requires the same level of monetary stimulus.

The details

In a Thursday speech in New York, Perli stated that the Fed is planning to 'significantly reduce' its monthly purchases of Treasury securities after the middle of April, when the U.S. tax filing deadline passes. This aligns with previous guidance from the central bank that the pace of bond-buying would likely decline after the tax season.

  • The Fed is planning to significantly reduce its monthly Treasury purchases after mid-April 2026.

The players

Roberto Perli

A New York Fed official who manages the central bank's presence in financial markets.

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What they’re saying

“The Federal Reserve is on track to significantly reduce its monthly purchases of government bonds after mid-April.”

— Roberto Perli, New York Fed Official

What’s next

The Federal Reserve is expected to provide more details on the planned reduction in bond purchases at its next policy meeting in April.

The takeaway

The Fed's signaling of a pullback in its bond-buying program suggests policymakers believe the economy is on a more stable footing and no longer requires the same level of monetary stimulus implemented during the pandemic.