The New York Fed published an article on Tuesday that said the Fed's balance sheet is a "key tool" used to support the FOMC's monetary policy objectives and to "support financial stability in rare circumstances." The Fed sets its monetary policy stance primarily by adjusting the target range for the federal funds rate, but the FOMC has also previously helped ease overall financial conditions by buying Treasuries and agency mortgage-backed securities (MBS), especially when interest rates are around zero. Such purchases have also been used to address market dysfunction, such as when the COVID-19 pandemic disrupted financial marekts in March 2020. Christian Cabanilla, Eric LeSueur and Josh Younger of the New York Fed wrote that the FOMC also directed the Fed to reduce the size of its balance sheet and holdings "to levels consistent with the efficient and effective conduct of monetary policy under an adequate reserve facility".