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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
In the latest development in the wind-down of the Fed's pandemic lending facilities, the NY Fed announced on Thurs that they would begin to gradually sell off their corporate bond holdings in the Secondary Market Corporate Credit Facility (SMCCF) portfolio starting Monday.
- This follows the unwind in ETFs which began on Wednesday.
- As with other 13-3 facilities being unwound, there should be little market impact from this.
- The last remaining facility to show growth since the beginning of the year is the Paycheck Protection Program Liquidity Facility (see our Fed Balance Sheet tracker out today for more detail).
- The total size of the 13-3 facilities is $144.9B - this is smaller than the $145.5B growth in the Fed's balance sheet over the past 4 weeks (to Jul 7), and barely more than the $120B monthly Tsy+MBS purchases the Fed makes monthly.
| Assets | Total | Nominal Tsys | TIPS | Bills | MBS+Agencies | 13-3 Facilities | Liquidity Facilities | Other* |
| Last Week's Net Change (USDbn) | 19.2 | 17.6 | - | - | - | - 2.2 | - 1.2 | |
| 4-Week Net Change (USD bn) | 145.4 | 61.4 | 6.8 | - | 75.4 | 1.2 | 3.3 | |
| Total Holdings (USD bn) | 8,097.8 | 4,467.0 | 352.9 | 326.0 | 2,322.0 | 144.9 | 90.4 | 394.6 |
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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