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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.
MNI Fed Balance Sheet Tracker - Nov 3, 2023
MNI Fed Balance Sheet Tracker - Nov 3, 2023
EXECUTIVE SUMMARY:
- Trends in the Fed’s balance sheet are little changed in recent weeks.
- On the assets side, QT continues to run in the background,, and “emergency” lending/liquidity to banks continuing to diminish. On the liabilities side, bank reserves remain (surprisingly) ample at well above $3T and rising, amid large declines in overnight reverse repo takeup.
- There were a few balance sheet-related items that came up in the November 1 post-FOMC meeting press conference with Chair Powell that were of note, including on QT policy and the potential renewal of the Bank Term Funding Program.
- Treasury's latest quarterly refunding announcement signaled it would continue to rely heavily on bill issuance amid wide fiscal deficits - while cash moving out of ON RRP into bills is finite, it should be able to absorb the bill issuance coming through the next couple of months without dragging too badly on reserves.
For full PDF analysis:
Source: Federal Reserve, MNI
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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