Several of Wall Street's biggest banks expect the Federal Reserve to end the process of reducing its balance sheet in April next year, in line with their expectations for the Fed in July. "Most traders said they expected the end of the balance sheet reduction to depend on reserve levels, overnight reverse repos or an assessment of upward pressure on money market rates relative to managed rates," according to a survey of so-called primary market traders by the New York Fed ahead of last month's Fed interest rate meeting. Some traders said macro factors posed risks to their outlook for ending the reduction. "The Fed's current balance sheet size is about $7 trillion.