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MNI Fed Balance Sheet Tracker: Oct 20, 2023


We've just published our latest Fed Balance Sheet Tracker:

  • System reserves are almost exactly unchanged since the start of June, defying some expectations that scarcity would develop as cash left banks in favor of Treasury bills.
  • The Fed appears unconcerned with reserve scarcity at this point, with SOMA manager Perli this month saying balance sheet reduction was "proceeding smoothly" with "no significant disruptions to financial or funding markets".
  • Treasury's Oct 30 financing requirements announcement ahead of the Nov 1 refunding announcement will provide a further indication as to the trajectory of its TGA cash rebuild (and its impact on overnight reverse repo takeup and reserves) over the coming months.

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