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Fed Balance Sheet Tracker - Jun 25, 2021

EXECUTIVE SUMMARY:

  • The FOMC revealed it had started "talking about talking" about tapering asset purchases at the June 15-16 meeting, putting into play several questions on the topic of asset purchase reduction.
  • These include not just timing for the start of tapering, but also the composition of the reduction in asset purchases, including potential for prioritizing an MBS taper.
  • Overnight reverse repo facility takeup has eclipsed $1trn for the first time. But that's not unprecedented as a percentage of the total Fed balance sheet, and Fed officials appear unfazed by the large takeup. ON RRP looks set to continue growing into quarter-end, and in the coming weeks.

PLEASE USE THE FOLLOWING LINK TO ACCESS FULL PDF ANALYSIS:

FedBalanceSheet-Jun252021.pdf


Source: Fed, MNI

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