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Figure 1 Current Framework for Monetary Policy Implementation Interest rate DW rate Demand for reserves IOER rate ON RRP rate 0 Required reserves Supply Reserve balances Figure 2 Monetary Policy Implementation before 2008 Interest rate DW rate Target rate Demand for reserves Required reserves 0 Target supply Reserve balances Figure 3 Federal Reserve Balance Sheet April 26, 2017 USD, billions Assets Securities held outright 4,246 U.S. Treasury securities Agency debt Agency MBS 2,465 12 1,769 Repurchase agreements Loans Other assets Total assets 0 * 224 4,470 Liabilities Federal Reserve notes Deposits Reserve balances (deposits held by DIs) Treasury General Account Other Foreign official Reverse repurchase agreements Foreign official and international accounts Others 1,496 2,564 2,201 271 87 5 363 241 122 Other liabilities Total liabilities 6 4,429 Capital Total liabilities and capital 41 4,470 * Less than $1 billion Source: Board of Governors of the Federal Reserve System H.4.1 Statistical Release. Figure 4 Variability of Key Federal Reserve Liabilities Absolute Value of Changes in Weekly Averages Billions of U.S. Dollars 99th Percentile Standard Deviation 2005 Jan 2016 - Apr 2017 Jan 2016 - Apr 2017 Currency in Circulation 1.9 2.1 8.2 Treasury General Account 0.3 23.8 90.5 Other Deposits 0.1 7.8 28.9 Foreign Repo Pool 0.9 4.1 14.9 ON RRPs N/A 47.6 212.3 Sources: Board of Governors of the Federal Reserve System H.4.1 Statistical Release; staff calculations.
@FedFRASER