WEEKLY FED BALANCE SHEET REVIEW. UNINSPIRING
. Federal Reserve: "Factors Affecting Reserve Balances", September 19

- Fed's Treasuries holdings: $774.1bn (-$4.6bn)
- Other central banks' Treasuries holdings: $1,211.0bn (+$3.9bn) (*)
- Other central banks' agency securities: $776.5 (+$2.3bn) (*)
- Global Dollar Liquidity Measure: $2,761.6bn (+$1.6bn)

(*) Off-balance-sheet items
agustin_mackinlay@yahoo.com
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Yet another uninspiring weekly Fed balance sheet. Our Global Dollar Liquidity measure barely moves, as the impact of a still restrictive Fed (a week before the change in the Fed funds rate) is compensated by foreign CBs returning to the Treasury and agency market. At +13.4%, the annual rate of growth still signals an expanding global economy, but at a markedly slower pace.