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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
We've just published our latest Fed Balance Sheet Tracker (PDF here):
- The decline in the Fed’s Balance sheet has continued in steady if unremarkable fashion through August – which will be welcomed by Fed officials following the banking turmoil earlier this year.
- Emergency facilities, including liquidity/loans to banks, continue to shrink (-$14B in the past month), with the Bank Term Funding Program slowly growing (up $2B in the last month to $107B) but more than offset by falls in “other credit extensions” (representing Fed loans to the FDIC that are being gradually unwound, down -$15B in the past 4 weeks to $137B). Overall these dynamics continue to suggest an unwinding of stress in the banking sector since March.
- With the SOMA portfolio down $80B in the past 4 weeks to Aug 23 (including $74B Tsys, $2B Bills, $4B MBS) to, and overall holdings down $104B to $8.1T – a fresh post-2021 low. SOMA holdings are down to $7.4T – down nearly $1T since the start of QT in Jun 2022 ($980B), but up $3.4T since QE was launched in March 2020.
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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