Morgan Stanley on the FOMC Dec, meeting minutes - discussion of Fed balance sheet policy

Earlier preview post is here:

• focus will now turn to the elements that led to the evolution of views among policymakers

Adding in this snippet from Morgan Stanley on what, in particular, they are watching for in the minutes:

• the outlook for balance sheet normalization. We expect the Fed to chart out a new playbook for balance sheet policy in this cycle, starting with details of its discussion at the December meeting in the minutes this week.