The Fed’s own holdings of MBS were unchanged again and foreign central bank holdings agencies were flat, while treasuries had another strong gain, though not as strong as last week.
This week’s Reuters report1 was, as usual, based on the weekly update from the NY Fed’s H.4.1 table site,2. Here is Doom’s updated CSV version3 of the agencies and treasuries foreign central bank holdings data set.
Treasury Debt holdings have now advanced $89.618 billion above their 11/17 ’10 level.
Treasury Debt was up $8.539 billion, so that we’re only $0.222 billion short of the May 18th figure.
Agencies continued down, accelerating to a small $0.671 billion figure.
*Agen-FM: The dotted line is the foreign central banks’ Agency Debt holdings reduced by the level of the Fed’s own MBS holdings. Since the FRBNY itself is a lightly audited peculiar amalgam of foreign & domestic, central and private bank I think it might be useful to consider the hypothesis that for a while starting in January 2009 the Fed’s MBS holdings were being quietly deemed to be “foreign.” That is, for the first half of ’09 the dotted line seems more sensible than the red one.
The net of US obligations rebounded again by $7.867 billion, so that this number has now dropped a modest $2.627 billion over the last three weeks.
Twist’s ratio graphs suffered another fairly marked drop.
The Setzer numbers diverged moderately.
Notes and References
: “Foreign central banks’ US debt holdings rise – Fed”, by Nick Olivari, Reuters, June 9, 2011.