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MNI Fed Balance Sheet Tracker - Nov 27, 2023

MNI Fed Balance Sheet Tracker - Nov 27, 2023

MNI Fed Balance Sheet Tracker - Nov 27, 2023

EXECUTIVE SUMMARY:

  • Bank reserves have risen to the highest level since mid-April at over $3.48T, defying expectations of being run down alongside QT and Treasury cash rebuilding post-debt limit crisis.
  • With their rise of over $400+B since just prior to March’s banking turmoil, we’re probably beginning to approach the limits of how high they can climb given ongoing Fed balance sheet runoff.
  • Our latest Fed Balance Sheet tracker looks at latest estimates of when - and if - takeup of the overnight reverse repo facility (ON RRP) will fall to zero.

    For full PDF analysis:

    FedBalanceSheet-Nov27-2023.pdf



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