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Wednesday, January 23, 2013

Your tax dollars at work dept

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.

Wow, I'd love to borrow 28 million dollars a day interest free to gamble in the risk markets.  What fun.

 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:

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
AIA/ ALICO 25 0.08
Totals $29,616.4 100.0%

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.

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