Reuters’ weather report is finally back for the first time since December, although the anonymous reporter has again lost the link to the NY Fed tables.
Fed’s own MBS holdings grew a tiny $0.013 billion and foreign central banks’ holdings of agencies were flat. On the other hand, the treasuries number surged, leading Igor to wonder idly how much of the buy might have come out of Iranian official assets 😉
This week’s Reuters report1 is, as semi-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.
Treasuries up $22.410 billion, reversing about a month’s worth of down.
Agencies down but only by $0.277 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 grew a sturdy $22.133 billion
Twist’s ratio graphs dipped appreciably.
The Setser numbers both nudged up, treasuries quite a bit but the anniversary period saw strong growth in the yellow line; it may be hard for the trend to stay positive.
Notes and References
: “UPDATE 1-Foreign central banks’ US debt holdings rise in wk-Fed”, Reuters, February 9, 2012.