Sober Look

Fed officials are hinting that the rate hike could take place before the Fed ends the policy of reinvesting securities that pay down or ma...

China reduced its holdings of treasuries in December by the largest amount since 2011, raising some eyebrows among economists and debt inv...

As discussed previously ( see post ), US commercial banks have been scaling back on their loan portfolio growth. Banks have been even more...

As discussed earlier ( see post ), the Chicago Fed President Charles Evans and other senior Fed officials have been looking for indication...

Based on the data from the Federal Reserve Bank of St. Louis here is a single chart that shows credit growth in the US is continuing to de...

We've received numerous e-mails regarding the comment ( here ) that the Fed (or any other central bank for that matter) finances secur...

This was the gist of Bernanke's statement on July 10th. MNI : - "We've said that we will not raise interest rates at least ...

The Fed continues to be divided over the next steps for its unprecedented monetary expansion program. Varying interpretations and conflict...

Here is how the treasury curve shifted over the past two months (through today). The obvious question is why has the sell-off been m...

Some in the mass media continue to be confused about the historical trajectory of the Fed's balance sheet. People have trouble disting...

A number of economists are trying to read into the meaning of Bernanke's statement last week. The comment that put a damper on the rel...

Total assets of Fed's balance sheet broke through $3 trillion last week, hitting a new high, as securities purchases are stepped up (i...

Treasury yields have risen at the start of the new year but have since stalled. 1.9% yield seems to be the ceiling on the 10-year note for...

This is a well covered subject, but it's worth taking a quick look at the combined balance sheets of the developed economies' (DE)...

Some MBS settlements have now been reflected on the Fed's balance sheet, as agency paper holdings increase. Bank reserves are ...

There seems to be a great deal of confusion about why gold (and silver) sold off in response to yesterday's announcement from the Fed....

Per David Schawel's suggestion, here is the the settlement schedule for the Fed's MBS purchases since late August. It's quite ...

The Fed's latest securities purchases are still not having much of an impact on bank reserves ( see discussion ). The net effect of Fe...

Given that the Fed's current expansionary policy is expected to have only a limited effect on US labor markets, the program may end up...

Credit Suisse has made an important point with respect to the Fed's purchases of MBS. As we know, a mortgage borrower is long an optio...