Dallas Fed’s Logan: Separate market-operation purchases from monetary policy holdings

Logan's proposal targets a real communication problem: when the Fed buys assets during stress, markets struggle to tell liquidity support from policy stance, muddying the signal. A separate account with an explicit sell-down commitment would make that distinction visible, which matters most for the institutions and traders who read Fed balance-sheet moves as policy cues. Whether this framing gains traction within the FOMC is the open question, and how a sell-down pledge would interact with future episodes of market dysfunction is worth watching.