Repos zilch, gone. Dollar liquidity swaps on their way out. SPVs flat for five weeks, but composition is changing. Treasuries edged up by smallest amount all year. MBS rose.
Total assets on the Fed’s balance sheet for the week ended July 22, released this afternoon, edged up by $6 billion from the prior week, to $6.96 trillion. Since peak-balance sheet on June 10 (at $7.17 trillion), total assets have declined by $204 billion:
....MUCH MORERepos are gone, zilch, third week in a row.
Back in mid-June, the Fed made repos less attractive by raising the bid rate. The Fed is still offering huge amounts of repurchase agreements every working day, but there have been no takers for the third week:
