The Fed’s Treasury security holdings and Agency security holdings were unchanged the week-ending Wednesday April 12th. This is a dramatic change from the prior week which saw the Fed reduce its Treasury holdings by $49.7 billion – a record amount for its QT program. Fed Chair Jerome Powell is sending mixed messages to the market.

• Treasuries: The Fed’s Treasury security holdings were unchanged over the last week and decreased by $51.1 billion on a rolling 4-week total basis. This is a dramatic change after the Fed’s record runoff ($49.7 billion) the previous week (see chart below).
• Agencies: The Fed’s Government Agency security holdings were unchanged over the last week and decreased by $14.3 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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