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.
The Federal Reserve's weekly snapshot of its balance sheet shows banks had a little less need to tap the central bank’s lender-of-last-resort facilities, as the Fed's balance sheet shrank USD74 billion to USD8.6 trillion.
Bank borrowing from the Fed as of yesterday--through either the discount window or the Bank Term Funding Program (BTFP)--was USD149 billion, down USD4 billion from the prior Wednesday. The previous week to March 29 saw a USD11 billion decline. The discount window saw USD70 billion in usage, down from USD88 last week, while the Bank Term Funding Program saw USD80 billion, up from USD64 billion last week. Analysts have expected discount window borrowing to shift into the more favorable terms of the BTFP.
(See: MNI: Fed's Bullard Not Convinced Of Looming Credit Crunch)
Lending to the two bridge banks in conservatorship declined USD5 billion to USD175 billion. Reserve balances decreased from the prior week by USD20 billion to USD3.38 trillion. Usage of the Fed's standing swap lines eased from the prior week, while usage of the Fed's foreign repo facility or FIMA declined by USD15 billion to USD40 billion. More than USD49 billion in Treasury securities fell off the Fed's balance sheet in the week.
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.