The Fed has been shrinking its pile of securities and Treasurys, but it still needs them to keep the economy’s plumbing in order.

The Fed’s balance sheet, mentioned by Jerome Powell this week, tracks what the Fed owns and owes. And the Fed has stopped its buying spree, mostly to reduce its influence on the market.

Though the stock market has held up, the yield on the 10-year T-note has been falling over the last couple days.

The bond market reflects where investors think the economy is headed, long-term.