WEEKLY FED BALANCE SHEET REVIEW. ANOTHER LACKLUSTER PERFORMANCE
. Federal Reserve: "Factors Affecting Reserve Balances", September 12

- Fed's Treasuries holdings: $778.7bn (-$3.0bn)
- Other central banks' Treasuries holdings: $1,207.1bn (-$0.1bn) (*)
- Other central banks' agency securities: $774.2 (+$1.2bn) (*)
- Global Dollar Liquidity Measure: $2,760.0bn (-$1.9bn)

(*) Off-balance-sheet items
agustin_mackinlay@yahoo.com
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Another week, another lackluster performance from a global liquidity point of view. The $1.8bn increase in bank borrowing at the discount window is about the only interesting piece of news. Is liquidity fatigue setting in? Judging from the annual rate of growth of our Global Dollar Liquidity measure (+13.4%, a six-month low), this appears indeed to be the case.