Keeping you up to date on the latest data releases.
- Federal Reserve Balance Sheet
Total Discount Window lending dropped by $3.7 billion this week, falling to just over $1 billion outstanding. Other types of lending also continued their decline. Lending that had been extended to more specific markets, often referred to as “nontraditional” lending, is now almost exclusively made up of the outstanding balance for the Term Asset-Backed Securities Loan Facility (TALF). Facilities outside of TALF that are considered nontraditional have been allowed to expire, and all but $1 billion of their outstanding balances have matured. The 3- to 5-year maturity of the TALF loans, however, will force the balance of that facility to decline more slowly. There was a jump in the central bank liquidity swap lines this week after the European Central Bank took out an extra $5.4 billion in 7-day operations. On the liabilities side, following the end of a reserve maintenance period this week, excess reserves remained fairly stable. There was a relatively small $7 billion drop in excess reserves, which was offset by a jump in the Treasury general account by a similar amount.