Canadian Imperial Bank of Commerce: The Federal Reserve's balance sheet may be the focus of the fourth quarter.

In their report, strategists Michael Cloherty, Arjun Ananth, and Ian Pollick from the Canadian Imperial Bank of Commerce wrote that progress on the Federal Reserve's balance sheet issues has been slow, which means that related issues may not be addressed until at least the fourth quarter. They stated, "The fuse of the balance sheet issue may be relatively long," and advised investors to wait until at least the end of the fourth quarter before considering any potential impacts.