Summary:
June was supposed to be the month the Federal Reserve began reducing its balance sheet by allowing its assets to roll off faster than they are replaced. But the Fed’ balance sheet stands at a record high, as does currency in circulation as excess reserves continue to decrease.
At the same time, money parked at its reverse repo facility has increased significantly in June, which has a tightening effect. So, is the Fed tightening or loosening and does it even know?
Additional Reading
Federal Reserve Balance Sheet as of June 30, 2022
Federal Reserve Recent Balance Sheet Trends
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