NEW YORK, (Reuters) – Federal Reserve officials are likely to move faster and sooner when reducing central bank’s almost $9 trillion balance than they have during past tightening cycles. However, no final decisions were made Tuesday, Fed Chair Jerome Powell stated.

Powell stated that the economy was in a totally different position than when asset purchases were stopped. This statement came during a Senate confirmation hearing. The time period between the end of purchases and the start of runoff will be much shorter. Also, the balance sheet will be larger so that the runoff can occur faster.

Powell acknowledged that policymakers still debate approaches. He said sometimes it can take up to three meetings before they make decisions.