Here is the JPMorgan take on the Fed balance sheet:Assets on the Fed balance sheet increased $285 billion last week to $1.498 trillion, the biggest one-week increase ever. In fact, many features of this week’s report were superlative, as there were staggering increases in the usage of several facilities (see charts below). Discount window borrowing increased $10.2 billion to $49.5 billion (all figures are outstanding as of yesterday); the Primary Dealer Credit Facility, including the facility for three London subsidiaries of broker-dealers, increased $40.9 billion to $146.6 billion; the ABCP facility rose $79.4 billion to $152.1 billion; the AIG loan increased $16.7 billion to $61.3 billion; and the “other” category, which is mostly swap lines with foreign central banks, increased $136.6 billion to $320.5 billion. Much of the increase in the balance sheet was financed by a $184.7 billion increase in the Treasury’s supplementary financing account, though some of the extra reserves created by the expansion of the Fed’s balance sheet apparently ended up in excess reserves of depository institutions. (Note: we will have a special report out tomorrow discussing the changing mechanics of the Fed’s balance sheet). Contrary to some reports, the revaluation of assets in Maiden Lane LLC was not presented in this week’s report; the Fed intends to report that on October 23.this is a public report by JP.I have no link for it.Ti Bear
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