The biggest shocker this week came in Thursday night’s H41. Fed credit outstanding virtually collapsed with reductions in alphabet soup programs outpacing direct Fed purchase of securities by nearly 8 to 1. The biggest reductions were in the major programs, TAF, CPR, PDCF, and currency swaps with FCBs. Banks’ deposits at the Fed were commensurately reduced. The Fed’s lending programs appear to be collapsing because the banks are furiously deleveraging. Click here to download complete report in pdf format (Professional Edition Subscribers). Try the Professional Edition risk free for thirty days. If, within that time, you don’t find the information useful, I will give you a full refund. It’s that simple. Click here for more information.