The Fed significantly reduced its Treasury holdings the week-ended Wednesday May 3rd (i.e. “QT”), but is simultaneously running a QE program in the background to back-stop regional banks. See our “Weekly Update: Bank Term Funding Program” article for details on bank bailouts.

• Treasuries: The Fed’s Treasury security holdings were reduced by $43.5 billion the week-ended May 3rd and were reduced by $57.5 billion on a rolling 4-week basis.
• Agencies: The Fed’s Government Agency security holdings increased by $4.0 billion over the same period and were reduced by $18.7 billion on a rolling 4-week 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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