Friday, February 29, 2008

. Federal Reserve: "Factors Affecting Reserve Balances", February 27

- Fed's Treasuries holdings: $776.7bn (-$2.2bn)
- Other central banks' Treasuries holdings: $1,270.3bn (+$6.2bn) (*)
- Other central banks' agency securities: $871.2 (+$5.1bn) (*)
- Global Dollar Liquidity Measure: $2,918.1bn (+$9.0bn)

(*) Off-balance-sheet items

Market liquidity remains under stress, with both CDS spreads and cash bond spreads toying with recent highs. Global "funding" or "macroeconomic" liquidity, on the other hand, is still healthy, thanks to the ongoing recycling of emerging economies' surplus dollars into US treasury and agency securities. Believe or not, February 2008 marks the 63th month in a row with the Global Dollar Liquidity growing at an annual rate of 10% or more. This is, of course, unprecedented. Note, too, that the sharp fall in the stock of Treasury securities held by the Fed has been arrested by the much steeper yield curve resulting from the FOMC's strong medicine. Good news for euro-based investors!


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