The Fed’s balance sheet was little changed last week as there were no MBS paydowns, nor purchase settlements. There were no term deposits offered and RRPs outstanding were little changed.
Meanwhile, there’s no sign of deleveraging in the US banking system as loan growth continually exceeds 7%. Money supply grows apace.
But in Europe, QE has failed to stimulate deposit growth. Deposits in the European banking system are below where they were when the ECB kicked off its big QE program in March.
The monthly report for Macroliquidity Investor Monthly subscribers will be posted around the end of September.
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