PANews reported on February 12 that economists at Bank of America pointed out that investor speculation about a possible "coordinated agreement" between the Federal Reserve and the U.S. Treasury is raising questions. The bank believes that such an agreement is "undefined" and the possibility has likely already been priced in by the market. "Unless the agreement goes beyond the scope of current market discussion, any new agreement is unlikely to trigger substantial price volatility," Bank of America stated, adding that the agreement would primarily revolve around the Fed's balance sheet reduction and U.S. Treasury issuance. Economists predict that a greater impact on the market would occur if monetary policy is affected (which the bank considers highly unlikely) or if the Treasury restricts long-term debt issuance (which Bank of America considers possible).