The Fed’s own holdings of MBS inched down $0.219 billion and the cenbanks’ holdings of US obligations were pretty flat as the loonie and dollar converged and the authorities took the opportunity of victory and looming disaster to surge unseen towards North American union with a quiet giant paw forward in the dirty oil pipeline.
This week’s Reuters report1 is, 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 retreated $3.423 billion
Agencies reversed course, climbing $2.253 billion
*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 shrank by a small $1.169 billion.
Twist’s ratio graphs went up a bit.
The Setzer numbers converged strongly again, as we’re nearing the anniversary of the “Where’s Zhou?” anomaly.
Notes and References
[1]: “Foreign central banks’ US debt holdings fall – Fed”, by Gertrude Chavez-Dreyfuss, Reuters, August 25, 2011.
[2]: “H.4.1 Factors Affecting Reserve Balances”, Federal Reserve Statistical Release (weekly), Federal Reserve Bank of New York.
[3]: The updated data set as a Comma Separated Value (CSV) file is here (includes Fed’s own MBS holdings).
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