WEEKLY FED BALANCE SHEET REVIEW. UP, BUT NO BY MUCH
. Federal Reserve: "Factors Affecting Reserve Balances", July 11

- Fed's Treasuries holdings: $781.8bn (-$3.8bn)
- Other central banks' Treasuries holdings: $1,245.0bn (+$4.4bn) (*)
- Other central banks' agency securities: $744.0bn (+$2.5bn) (*)
- Mackinlay's Global Dollar Liquidity Measure: $2,770.7bn (+$3.1bn)

(*) Off-balance-sheet items.
agustin_mackinlay@yahoo.com
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The weekly Fed balance sheet shows a rather modest (+$3.1bn) gain in our Global Dollar Liquidity measure. Foreign Central banks continue to show more appetite for Treasuries than for agency securities, which probably reflects the lure of higher yields. The weekly gains may be subdued, but July is nonetheless the 56th month in a row with our measure growing north of 10% in annual terms. As Barry Ritholtz would put it: un-frickin-believable.