The Fed reduced its Treasury holdings by $14.1 billion this week after zero movement last week. The money supply continues to shrink. The prices for goods and services ought to continue to fall so long as the money supply continues to shrink.

• Treasuries: The Fed’s Treasury security holdings decreased by $14.1 billion the week ended April 19th. The Fed’s Treasury security holdings have decreased by $64.3 billion on a rolling 4-week total basis.
• Agencies: The Fed’s Government Agency security holdings decreased by $1.4 billion the week ended April 19th and decreased by $12.2 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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