Friday, June 26, 2009

Federal Reserve Balance Sheet Update: Week Of June 24

Total Federal Reserve balance sheet assets for the week of June 24 of $2,048 billion consisting of:
  • Securities held outright: $1,207 billion (an increase of $30.8 billion, resulting from $14.7 billion in new Treasury purchases while Fed Agency debt increased by $12 billion, following last week's record $30 billion spike: the result - slight moderation in mortgages, at a cost of $42 billion over the past two weeks)
  • Net borrowings: $458 billion (unchanged as H.3 statement still not updated)
  • Float, liquidity swaps, Maiden Lane and other assets: $382 billion ($35.6 weekly decrease billion due to a continued reduction in Central Bank Liquidity Swaps, by an unprecedented $28.7 billion, to the lowest level since the Lehman collapse at $121 billion, after peaking at nearly $600 billion in December: so who pays when Latvia and Russia finally do implode, and also an $8 billion reduction in CPFF outstandings)
Foreign holdings of USTs and Agencies increased by $12.3 billion to $2,764 billion from $2,751 billion in the prior week. For anyone who wishes to back into the Indirect Purchases calculation from last week, this is the best data. Something tells me the ratio of weekly increase as disclosed on H.4.1 compared to the Indirect Holding table will be around 20%, meaning the Treasury is fudging the Ind Holdings calc by about 80%!

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