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Balance Sheet: TGA vs Reserves Resume Normal Service as RRPs Soar


Bank reserves crept up by $121.6bn in the week to Apr 28 to $3.89trn, while the Treasury's account balance at the Fed data (TGA) dipped by $48.2bn to $967.8bn, Federal Reserve balance sheet data released Thursday showed.

  • The previous week was notable for the first increase in the TGA since mid-Jan alongside a fall in reserves - the overall trend is expected to remain a large drop in the TGA over the coming months, with reserves rising sharply (and suppressing short-end rates). See chart.
  • Reverse Repo liabilities also increased sharply, by $80.1bn, to $382.9bn.This included $166.7bn in non-foreign official RRPs, which rose again to $173.5bn the following day as reported by the NY Fed (sequentially those were the highest takeups since March 2020).

Federal Reserve, MNI

LiabilitiesReservesUS Treasury General AccountReverse RepoCurrency In CirculationOther
Last Week's Net Change (USDbn)121.56-48.2180.102.92-196.36
4-Week Net Change (USD bn)216.32-58.0430.7122.51-139.42
Total Holdings (USD bn)3889.02967.69382.892161.14380.22

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