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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Fed Balance Sheet Tracker - Jul 9, 2021
EXECUTIVE SUMMARY:
- Consensus has largely been that the Treasury General Account (TGA) would adhere to the Treasury's own assumption of winding down cash levels to $450B by the end of July, in preparation for the debt ceiling deadline.
- But the Treasury doesn't seem to be any hurry to bring its operating cash levels down, and MNI's Policy Team cites an ex-Fed economist who expects Treasury to keep a cash balance closer to $600B at end-July.
- If the TGA doesn't shrink as quickly as many anticipate, growth in reserves and downward pressure on funding rates could be somewhat lessened vs baseline.
PLEASE USE THE FOLLOWING LINK TO ACCESS FULL PDF ANALYSIS:
Source: Federal Reserve, MNI
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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