Posted by Michael Stone in 
You need to upgrade your Flash Player The Fed’s balance sheet shrunk again in the latest week, falling to $1.974 trillion from $1.985 trillion. Direct-bank lending resumed declined, falling under $270 billion. The makeup of the balance sheet continued to shift out of emergency facilities and into debt holdings. Treasurys and agency debt continued their upward march, though holdings of mortgage-backed securities fell for the second week in a row. The Fed started a program in March to ramp up such acquisitions in order to push down long-term interest rates low. Central-bank liquidity swaps posted a steep drop, as overseas demand for dollars continues to abate. The commercial paper and money market facilities declined again, as companies decide to take their funds out and tap investors directly as sentiment in the market improved. In... more...
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