No. of Recommendations: 3
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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No. of Recommendations: 0
a link to the JPMorgan Fed Window report:

and a snip from the author: Prices of Treasury coupon securities took a roller coaster ride today as a very volatile week ended in very volatile fashion. The drama associated with passage into law of the gargantuan rescue package and the monthly labor data provided the backdrop for the price swings.The yield on the benchmark 2 year note has declined 3 basis points to 1.58 percent. The yield on the 5 year note dropped 2 basis points to 2.64 percent. The yield on the 10 year slipped 2 basis points to 3.61 percent and the yield on the 30 year bond fell 5 basis points to 4.10 percent.
The 2 year/10 year spread widened 1 basis point to 203 basis points.

The 5year note lagged versus the wings and the infamous butterfly spread (2year/5year/30 year) closed at 40 basis points today after finishing at 44 basis points yesterday.

nice site for following the credit markets from the inside.

Ti Bear
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