Fed's policy is to roll over maturities - BBH

Analysts at Brown Brothers Harriman explained that given that several regional Fed Presidents have talked about the Fed's balance sheet, it is not surprising that there have been several media and bank reports on the topic. 

Key Quotes:

"However, there is no reason to expect that the last paragraph of the FOMC statement (before the summary of voting), where the balance sheet is discussed to be changed."    

"The current policy is to reinvest principal payments from its agency holdings and rolling over maturing Treasury securities."  

"It anticipates doing so until the normalization of the Fed funds rate is "well under way.""