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FED Balance Sheet: Difference between revisions

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FED Balance Sheet (view source)

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''[https://forum.investmentwiki.org/t/dollar-liquidity-during-quantitative-tightening-and-record-debt-levels/15 Discussion:Dollar liquidity during quantitative tightening and record debt levels]''
''[https://forum.investmentwiki.org/t/dollar-liquidity-during-quantitative-tightening-and-record-debt-levels/15 Discussion:Dollar liquidity during quantitative tightening and record debt levels]''


== Developments ==
== Developments Assets ==
[[File:Screenshot 2023-09-18 124248.png|center|thumb|1011x1011px|https://fred.stlouisfed.org/series/WALCL]]
{| class="wikitable"
! rowspan="2" |Date<ref>https://fred.stlouisfed.org/series/WALCL</ref>
! colspan="5" |Assets
|-
!Millions of U.S. Dollars NSA
!M/M %
!Y/Y %
!M/M Millions of U.S. Dollars NSA
!Y/Y Millions of U.S. Dollars NSA
|-
|2023-08-01
|8,121,316
| -1.48
| -7.99
| -122,028
| -704,777
|-
|2023-07-01
|8,243,344
| -1.17
| -7.27
| -97,570
| -646,660
|-
|2023-06-01
|8,340,914
| -0.54
| -6.42
| -44,940
| -572,639
|-
|2023-05-01
|8,385,854
| -2.07
| -5.93
| -176,914
| -528,427
|-
|2023-04-01
|8,562,768
| -1.64
| -4.21
| -143,174
| -376,431
|-
|2023-03-01
|8,705,942
|3.86
| -2.59
|323,752
| -231,200
|-
|2023-02-01
|8,382,190
| -1.04
| -6.11
| -88,367
| -545,939
|-
|2023-01-01
|8,470,557
| -0.94
| -4.40
| -80,612
| -389,928
|-
|2022-12-01
|8,551,169
| -0.39
| -2.36
| -33,407
| -206,291
|-
|2022-11-01
|8,584,576
| -1.59
| -1.12
| -138,514
| -97,195
|-
|2022-10-01
|8,723,090
| -0.82
|1.95
| -72,477
|166,909
|-
|2022-09-01
|8,795,567
| -0.35
|4.11
| -30,526
|347,586
|-
|2022-08-01
|8,826,093
| -0.72
|5.92
| -63,911
|493,350
|-
|2022-07-01
|8,890,004
| -0.26
|8.13
| -23,549
|668,531
|-
|2022-06-01
|8,913,553
| -0.01
|10.34
| -728
|835,009
|-
|2022-05-01
|8,914,281
| -0.28
|12.79
| -24,918
|1,010,740
|-
|2022-04-01
|8,939,199
|0.02
|14.89
|2,057
|1,158,237
|-
|2022-03-01
|8,937,142
|0.10
|16.23
|9,013
|1,248,154
|-
|2022-02-01
|8,928,129
|0.76
|17.63
|67,644
|1,338,018
|-
|2022-01-01
|8,860,485
|1.18
|19.66
|103,025
|1,455,559
|-
|2021-12-01
|8,757,460
|0.87
|18.93
|75,689
|1,394,109
|-
|2021-11-01
|8,681,771
|1.47
|20.30
|125,590
|1,465,291
|-
|2021-10-01
|8,556,181
|1.28
|19.73
|108,200
|1,409,875
|-
|2021-09-01
|8,447,981
|1.38
|19.73
|115,238
|1,391,852
|-
|2021-08-01
|8,332,743
|1.35
|19.20
|111,270
|1,342,325
|-
|2021-07-01
|8,221,473
|1.77
|18.31
|142,929
|1,272,441
|-
|2021-06-01
|8,078,544
|2.21
|14.07
|175,003
|996,242
|-
|2021-05-01
|7,903,541
|1.58
|11.36
|122,579
|806,225
|-
|2021-04-01
|7,780,962
|1.20
|16.90
|91,974
|1,125,033
|-
|2021-03-01
|7,688,988
|1.30
|46.34
|98,877
|2,434,710
|-
|2021-02-01
|7,590,111
|2.50
|82.51
|185,185
|3,431,474
|-
|2021-01-01
|7,404,926
|0.56
|78.36
|41,575
|3,253,296
|}


=== February 2023 ===
==== February 2023 ====
*As of Fabruary 17, 2023 the balance stands at $8.384 Trillions, it has declined $581 B from $8.965 Trillion in April 2022. Still a small 6.48% decline. <ref name=":0">https://www.federalreserve.gov/releases/h41/current/h41.htm</ref><ref name=":1">https://fred.stlouisfed.org/series/WALCL</ref>
*As of Fabruary 17, 2023 the balance stands at $8.384 Trillions, it has declined $581 B from $8.965 Trillion in April 2022. Still a small 6.48% decline. <ref name=":0">https://www.federalreserve.gov/releases/h41/current/h41.htm</ref><ref name=":1">https://fred.stlouisfed.org/series/WALCL</ref>
*QT is expected to continue in the coming months, with no pause expected, contrary to rate hikes. With a reduction of $60 B per month in treasuries and $35 in MBS. However, the FED has already been behind schedule, treasuries are running 8% ($33B) behind schedule, and MBSs 59% ($120B) behind schedule. <ref>https://twitter.com/DiMartinoBooth/status/1626365171688955904</ref>
*QT is expected to continue in the coming months, with no pause expected, contrary to rate hikes. With a reduction of $60 B per month in treasuries and $35 in MBS. However, the FED has already been behind schedule, treasuries are running 8% ($33B) behind schedule, and MBSs 59% ($120B) behind schedule. <ref>https://twitter.com/DiMartinoBooth/status/1626365171688955904</ref>


=== March 2023 ===
==== March 2023 ====
After the banking developments the FED balansheet increase again, eliminating almost 2/3 of the previous decline. However is important to point out, that the liquidity given by the FED was for emergency loans, and no for assest purchases as traditional QE.  
After the banking developments the FED balansheet increase again, eliminating almost 2/3 of the previous decline. However is important to point out, that the liquidity given by the FED was for emergency loans, and no for assest purchases as traditional QE.  


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* Emergency Loan has increased to over $300 billion at the end of march, from almost zero at the beginning.
* Emergency Loan has increased to over $300 billion at the end of march, from almost zero at the beginning.


=== April 2023 ===
==== April 2023 ====
Total assets dropped by $59 billion in the week of May 4, and by $230 billion in the six weeks since peak bank bailout, to $8.50 trillion.  <ref>https://www.federalreserve.gov/releases/h41/20230504/</ref>  
Total assets dropped by $59 billion in the week of May 4, and by $230 billion in the six weeks since peak bank bailout, to $8.50 trillion.  <ref>https://www.federalreserve.gov/releases/h41/20230504/</ref>  


Line 26: Line 261:
* Repos with “foreign official” counterparties: paid off in the prior week. This was likely the program that the Swiss National Bank used to provide dollar-liquidity support for the take-under of Credit Suisse by UBS.
* Repos with “foreign official” counterparties: paid off in the prior week. This was likely the program that the Swiss National Bank used to provide dollar-liquidity support for the take-under of Credit Suisse by UBS.


=== May 2023 ===
==== May 2023 ====
Total assets held by the Fed dropped by $50 billion in the week  of June 2, to $8.38 trillion, down by $118 billion for the month and by $348 billion in the 10 weeks since peak-bank-crisis.<ref>https://www.federalreserve.gov/releases/h41/20230601/</ref> The Fed balance sheet is now agaon at the level it was before the banking crisis started.
Total assets held by the Fed dropped by $50 billion in the week  of June 2, to $8.38 trillion, down by $118 billion for the month and by $348 billion in the 10 weeks since peak-bank-crisis.<ref>https://www.federalreserve.gov/releases/h41/20230601/</ref> The Fed balance sheet is now agaon at the level it was before the banking crisis started.


Line 37: Line 272:
* Bank Term Funding Program (BTFP): ended may at $94 billion.
* Bank Term Funding Program (BTFP): ended may at $94 billion.
* Loans to FDIC: -$40 billion for the month to $188 billion.
* Loans to FDIC: -$40 billion for the month to $188 billion.
== U.S. Treasury securities ==


== References ==
== References ==
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