The Fed essentially did nothing this past week in terms of tightening the money supply. QT hasn’t been nearly as aggressive as the Fed’s QE efforts – especially when you consider the cumulative effect of QE from 2009-early 2022. This Fed’s ideology is not aligned with getting CPI down to 2% as I wrote back in March 2021.

• Treasuries: The Fed’s Treasury security holdings increased by $50.0 million over the last week and decreased by $70.1 billion on a rolling 4-week total basis.
• Agencies: The Fed’s Government Agency security holdings decreased by $3.3 billion over the last week and by $4.5 billion on a rolling 4-week total 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.

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