New York Fed Survey: Major Wall Street firms still expect the Federal Reserve to end tapering by April next year

Several of Wall Street's largest banks anticipate that the Federal Reserve will conclude its balance sheet reduction process in April next year, consistent with their expectations for the Fed in July.

A survey conducted by the New York Fed on so-called primary dealers before last month's Fed rate meeting showed, "Most dealers indicated that they expect the end of balance sheet reduction to depend on assessments of reserve levels, overnight reverse repo operations or upward pressure on money market rates relative to administered rates. 

Some dealers stated that macro factors pose risks to their prospects for ending balance sheet reductions." The current size of the Fed's balance sheet is approximately $7 trillion.