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MNI Fed Balance Sheet Tracker - April 21, 2023

FED
We've just released our latest Fed Balance Sheet Tracker:
  • U.S. bank usage of Fed liquidity facilities ticked slightly higher in the week ending Apr 19, reversing some of the previous week’s payback of recent “emergency” borrowing. But the latest couple weeks’ data, overall, suggest stability is returning to the banking sector.
  • The liabilities side of the balance sheet has seen a strong pullback in bank reserves. Accounting for most of this reversal has been a sharp increase in the US Treasury’s account at the Fed.
  • The broader question is whether the cash available to Treasury going into the summer is sufficient to stave off the "x-date" in which it runs out of cash. A weak tax collection season could bring that date forward to as soon as early June.

    For full PDF analysis:

    FedBalanceSheet-Apr212023.pdf

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