It tells you just how far we’ve come when the headline, “Fed May Buy Treasuries,” gets a reaction. Buying Treasuries is the age-old way of adding reserves to the banking system, setting in motion the money-creation process. Historically, these so-called permanent open market operations were designed to have no impact on the shape of the yield curve. The goal was simply to satisfy the banking system’s demand for reserves. Treasury securities used to make up the lion’s share of the Federal Reserve’s balance sheet. No longer. As of Nov. 28, the Fed held $476 billion of securities carrying the full faith and credit of the US government, less than a quarter of its balance sheet. One year ago, the comparable figures for the Fed’s Treasury holdings were $780 billion and 90 percent. (more…)
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