Fed Chief Powell says he doesn't see the Fed changing its strategy for shrinking the balance sheet

As the future path of interest hikes gets cloudier, Federal Reserve Chairman Jerome Powell said the balance sheet reduction program will continue to proceed as planned.

The Fed currently is allowing $50 billion a month to run off the balance sheet, which is largely a portfolio of bonds the central bank purchased the stimulate the economy during and after the financial crisis.

Powell said the process is going well.

"I think that the runoff of the balance sheet has been smooth and has served its purpose," he said during a news conference. "I don't see us changing that."

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