Fed's Balance Sheet - Yardeni Research

1 Money & Credit:Fed s Balance SheetYardeni Research , 15, 2022Dr. Edward visit our sites outside the boxTable Of ContentsTable Of ContentsTable Of ContentsSeptember 15, 2022 / Fed s Balance Sheet Research , s Balance Sheet1-7 Figure 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 S ASSETS*(trillion dollars)US Treasuries +Agency Debt +MBSL iquidity Facilities08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 S LIABILITIES*(trillion dollars)Total08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Debt + MBSUS Treasury Securities08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Balanceswith Fed(Depository Institutions Deposits at Fed)08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 BankLiquidity SwapsOther Loans*Average of daily figures for weeks ending.

2 federal reserve 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 reserve s Balance SheetPage 1 / September 15, 2022 / Fed s Balance Sheet Research , AGREEMENTS(trillion dollars)9/149/14 Reverse Repurchase AggreementsRepurchase AggreementsSource: federal reserve Board, Table BALANCES OF DEPOSITORY INSTITUTIONS & TREASURY ACCOUNT AT FED(trillion dollars) reserve Balances at Fed ( )US TreasuryGeneral Account at the Fed ( )Source: federal reserve Board, Table s Balance SheetPage 2 / September 15, 2022 / Fed s Balance Sheet Research , BALANCES WITH federal reserve BANKS(billion dollars)Source: federal reserve Board, Table HELD OUTRIGHT(billion dollars)Source: federal reserve Board, Table s Balance SheetPage 3 / September 15, 2022 / Fed s Balance Sheet Research , HELD OUTRIGHT: BILLS(billion dollars)Source.

3 federal reserve Board, Table +QE2QE3QE3+QTRMQE4 reserve BALANCES WITH federal reserve BANKS &CASH ASSETS AT ALL COMMERCIAL BANKS(trillion dollars)9/14 reserve Balances with federal reserve Banks ( )Cash Assets of All Commercial Banks ( )Note: QE1 (11/25/08-3/31/10) = $ in mortgage securities; expanded (3/16/09-3/31/10) = $300bn in Treasuries. QE2 (11/3/10-6/30/11) = $600bnin Treasuries. QE3 (9/13/12-10/29/14) = $40bn/month in mortgage securities (open ended); expanded (12/12/12-10/1/14) = $45bn/month in (10/1/17-7/31/19) = Balance Sheet pared by $675bn. RM (11/1/19-3/15/20) = reserve management, $60bn/month in Treasury bills.

4 QE4 (3/16/20-infinity).Source: federal reserve Board Release and s Balance SheetPage 4 / September 15, 2022 / Fed s Balance Sheet Research , 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 20240246810121416180246810121416188/31 COMMERCIAL BANKS: TOTAL DEPOSITS(as a ratio of federal reserve holdings of securities*)* Fed s holdings of US Treasuries plus mortgage-backed : federal reserve Board Release s Balance SheetPage 5 / September 15, 2022 / Fed s Balance Sheet Research , RESERVES OF DEPOSITORY INSTITUTIONS(billion dollars, nsa)Reserves ( )Required Reserves ( )Source: federal reserve Board, , Table 61 63 65 67 69 71 73 75 77 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 250100020003000400001000200030004000 AugAGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS(billion dollars, nsa)Total Reserves Minus Required Reserves ( )Source.

5 federal reserve Board, , Table s Balance SheetPage 6 / September 15, 2022 / Fed s Balance Sheet Research , 61 63 65 67 69 71 73 75 77 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 RESERVES OF DEPOSITORY INSTITUTIONS(billion dollars, nsa)Required Reserves / Total Reserves ( )Source: federal reserve Board, , Table PURCHASE AGREEMENT & TREASURY ACCOUNT AT FED(trillion dollars)9/14 Reverse Repurchase Agreements ( )US Treasury General Account at the Fed ( )Source: federal reserve s Balance SheetPage 7 / September 15, 2022 / Fed s Balance Sheet Research , (c) Yardeni Research , Inc.

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