The Fed’s Balance Sheet Reduction (QT) Update
The Fed’s modest QT program rolls on, devoid of purpose and seriousness. Meanwhile, Yellen’s Treasury spends like there is no tomorrow. A Treasury secretary that does not speak of fiscal deficits - an utter joke and disservice to all Americans. The Biden, Powell, Yellen triumvirate is a disservice to all Americans.
Treasuries: The Fed’s Treasury security holdings declined by $9.0 billion for the week-ended June 18th and declined by $37.7 billion on a rolling 4-week basis.
Agencies: The Fed’s Government Agency security holdings were essentially unchanged for the week-ended June 18th and declined by $13.6 billion on a rolling 4-week basis.
The Fed’s balance sheet holdings: https://www.newyorkfed.org/markets/soma-holdings
Excel file: Our Excel file detailing the Fed’s holdings of Treasury and Agency securities: HERE.
