Bloomberg (2/17 ’12): “Record $6 Trillion of Fake U.S. Bonds Seized”
Italian anti-mafia prosecutors said they seized a record $6 trillion of allegedly fake U.S. Treasury bonds, an amount that’s almost half of the U.S.’s public debt.
OK, enough fun, as Doom returns to the real fake bonds 😉 The “Fred” wolfed down $11.776 billion of new MBS holdings and foreign central banks in the aggregate consumed lots of new US obligations. Weird.
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.
Treasuries up again by $14.940 billion.
Agencies grew by a healthy $4.251 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 were up $19.191 billion, which is close to last week’s big figure.
Twist’s ratio graphs dipped slightly.
The Setser numbers both went down on the strength of huge buys at the anniversary date.
Notes and References
: “Foreign central banks’ US debt holdings rise – Fed”, Reuters, February 16, 2012.