 Federal Reserve Chair Janet L. Yellen testified before the Senate Banking Committee last month. (Andrew Harnik/Associated Press) By Ana Swanson Before the end of this year, the Federal Reserve will likely begin paring back the $4.5 trillion balance sheet it amassed as it tried to prop up the nation's economy during the recession, yet another sign of the U.S. economy's continued progress since the financial crisis. Minutes of the Fed's March policy meeting released Wednesday showed central bank officials considering how to unwind its massive balance sheet, how quickly to raise interest rates to keep inflation in check and how to estimate the economic effects of the Trump administration's promised stimulus projects. "Provided that the economy continued to perform about as expected, most participants anticipated that gradual increase in the federal funds rate would continue and judged that a change to the Committee's reinvestment policy would likely be appropriate later this year," the minutes read. The U.S. central bank has already begun the process of raising interest rates back to more normal levels after holding them near zero for years to buoy the economy during the financial crisis. In March, the Fed raised its benchmark interest rate for the second time in a year and said it expects two more rate hikes this year and three more next year. Given a strengthening job market and stronger business and consumer confidence, the Fed could choose to raise rates once again at an upcoming policy meeting in May or June. But the Fed has yet to begin significantly reducing the massive amount of Treasurys and mortgage-backed securities it purchased during the financial crisis. Read the rest on Wonkblog.
Chart of the day Here are the bills President Trump has signed so far. Christopher Ingraham has more. | 
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