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A Look Inside the Fed’s Balance Sheet
By Phil Izzo
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See a full-size version. Click on chart in large version to sort by asset class.
Assets on the Fed’s balance sheet have remained relatively stable around $2.29 trillion since mid-August when the central bank announced that it would reinvest the proceeds from its mortgage-backed securities and agency debt portfolios into Treasurys. The MBS and agency debt holdings have steadily declined as loans are paid off or mature. Since the Fed announced the program the MBS and agency portfolios have fallen by $44.5 billion beats headphones The Town & Country, while Treasurys holdings have increased by $42.1 billion. The Fed still holds more assets in MBS — over $1 trillion — than any other portfolio.
Outside of debt holdings 13s in the quarter for $1300 - and 30 MPG, too_43573, other assets were also declining. The Term Asset-Backed Securities Loan Facility, or TALF, ended in March, and is falling as the last loans made through the program mature. Liquidity swaps with foreign central banks have fallen back to the millions of dollars after jumping in the spring in response to European sovereign debt concerns. Direct-bank lending was essentially flat, remaining at precrisis levels.
In an effort to track the Fed’s actions, Real Time Economics has created an interactive graphic that will mark the expansion of the central bank’s balance sheet. The chart will be updated as often as possible with the latest data released by the Fed.
In an effort to simplify the composition of the balance sheet, some elements have been consolidated. Portfolios holding assets from the Bear Stearns and AIG rescues have been put into one category 12th Day of Christmas Contest Last day to enter!_48421, as have facilities aimed at supporting commercial paper and money markets. The direct bank lending group includes term auction credit, as well as loans extended through the discount window and similar programs.
Central bank liquidity swaps refer to Fed programs with foreign central banks that allow the institutions to lend out foreign currency to their local banks. Repurchase agreements are short-term temporary purchases of securities from banks, which are looking for liquidity and agree to repurchase them on a specified date at a specified price.
Click and drag your mouse to zoom in on the chart. Clicking the check mark on categories can add or remove elements from the balance sheet.
