New deposits at the Fed covered only $10.6 billion of the $19 billion of the Fed’s asset purchases last week. It made up most of the difference by increasing reverse repo borrowings by $1.3 billion and in particular by printing and shipping $7 billion in cash to the banks and CIA black ops guys around the world for their holiday giving. That’s a lot of cash. Yes, Virginia, there really is a printing press.
Meanwhile, the composite liquidity indicator continued to surge, but stocks are outrunning it. Is it time for the rubber band to snap back?
Table of Contents
Macroliquidity Component Indicators
Fed Cash to Primary Dealers
Foreign central bank purchases
US commercial bank deposit flows
Bank Treasury purchases
Bank Trading Accounts
Bank reserve deposits
Commodities
Treasury Auctions, Federal Revenues and Supply Impact, and Treasury Yields
Open Market Operations (OMO) and Monetary Policy Actions
Primary Dealers
Other Policy Tools and Total Fed Credit
Other Fed Balance Sheet Items – Liabilities
Bank Loans Outstanding
Foreign Central Bank Treasury Holdings
Fed, ECB, and BoJ Balance Sheets, Vs. US Stocks and Bonds
The Dollar
Commercial Paper
Fannie and Freddie
Money Supply and Fund Flows
Bank Holdings of Treasuries
Bank Capital Trend
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