Saturday, January 19, 2013
Fed's balance sheet grows above $3 trillion, finally impacting the monetary base. Fed's balance sheet stood at 869 billion on August 8, 2007.
Total assets of Fed's balance sheet broke through $3 trillion last week, hitting a new high, as securities purchases are stepped up (including treasuries).
The Fed's holdings of Treasuries totaled $1.666 trillion.
The Fed's ownership of mortgage bonds guaranteed by Fannie Mae (FNMA.OB), Freddie Mac (FMCC.OB) and the Government National Mortgage Association (Ginnie Mae) totaled $926.69 billion.
The Fed's holdings of debt issued by Fannie Mae, Freddie Mac and the Federal Home Loan Bank totaled $76.78 billion.
The Fed's overnight direct loans to credit-worthy banks via its discount window averaged $28 million a day.
Of course, that doesn't count the 29 Trillion Dollars (According to the Fed) that they just printed up and gave away to the world banks:
Wow, I'd love to borrow 28 million dollars a day interest free to gamble in the risk markets. What fun.
By the way, 87 Billion dollars of which went directly to AIG who is now suing America as a way of saying "thanks."
Cumulative facility totals, in billions
Source: Federal Reserve
|Facility||Total||Percent of total|
|Term Auction Facility||$3,818.41||12.89%|
|Central Bank Liquidity Swaps||10,057.4(1.96)||33.96|
|Single Tranche Open Market Operation||855||2.89|
|Terms Securities Lending Facility and Term Options Program||2,005.7||6.77|
|Bear Stearns Bridge Loan||12.9||0.04|
|Maiden Lane I||28.82(12.98)||0.10|
|Primary Dealer Credit Facility||8,950.99||30.22|
|Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility||217.45||0.73|
|Commercial Paper Funding Facility||737.07||2.49|
|Term Asset-Backed Securities Loan Facility||71.09(.794)||0.24|
|Agency Mortgage-Backed Security Purchase Program||1,850.14(849.26)||6.25|
|AIG Revolving Credit Facility||140.316||0.47|
|AIG Securities Borrowing Facility||802.316||2.71|
|Maiden Lane II||19.5(9.33)||0.07|
|Maiden Lane III||24.3(18.15)||0.08|
|Fed's balance sheet as of 1/16/13 (source: FRB)|
And for the first time since this program was launched it is starting to have a material impact on bank reserves (the dynamic component of the monetary base), which spiked last week.