The Onion has been having a heck of a time staying ahead of reality these last few weeks.
… Insofar as it makes any sense whatsoever for a government to maintain a reserve of gold, its own central bank is the worst possible place for it. After all, a functioning sovereign state is never going to need gold domestically. …
This must be one of those American Exceptionalism things, otherwise we’d have to conclude the US is cosmic-class dumb, the country isn’t functioning (someone really should check that one out 😉 ), or the NY Fed’s reserves don’t count as domestic because the 2nd District is not in fact within Washington’s writ. Surely this can’t be part of a propaganda campaign to deflect attention away from occasional seizures of assets from evil foreign counterparties!
The Fed’s own MBS holdings surged up $20.896 billion, while the trend for strong treasuries buys and modest agencies sells continues.
This week Doom derived the NY Fed data set from a date-limited session with the Data Download Program:
Treasuries from Sep ’08 chart
Treasuries once again topped its previous week, growing by $12.117 billion
Agencies increased its weekly selloff to $3.205 billion, while others was very flat, losing just $0.030 billion.
The net of US obligations rose $8.882 billion, just missing last week’s number.
Twist’s ratio graphs again continued down.
The Setser numbers both edged higher.
Notes and References
: “Foreign central banks’ US debt holdings rise – Fed”, Reuters, January 17, 2013.