Global Economic Briefing Central Bank Balance Sheets Yardeni research Inc June22.2016 Dr Edward yardeni 516-972-7683 eyardeni@yardeni.com Mali Quintana 480-664-1333 aquintana yardeni com Please visit our sites at www.yardeni.com blogyardeni.com thinking outside the box
Global Economic Briefing: Central Bank Balance Sheets Yardeni Research, Inc. June 22, 2016 Dr. Edward Yardeni 516-972-7683 eyardeni@yardeni.com Mali Quintana 480-664-1333 aquintana@yardeni.com Please visit our sites at www.yardeni.com blog.yardeni.com thinking outside the box
Table of contents Total Assets of Major Central Banks Fed Balance sheet Fed Assets Fed Bond purchases Federal Reserve Repo Balances ECB Balance Sheet Bank of Japan PBOC Balance Sheet 23456789 US Treasuries agencies held by central banks June 22, 2016/ Global Economic Briefing: Central Bank Balance Sheets Yardeni research
Table Of Contents Table Of Contents Table Of Contents June 22, 2016 / Global Economic Briefing: Central Bank Balance Sheets www.yardeni.com Yardeni Research, Inc. Total Assets of Major Central Banks 1 Fed Balance Sheet 2 Fed Assets 3 Fed Bond Purchases 4 Federal Reserve Repo Balances 5 ECB Balance Sheet 6 Bank of Japan 7 PBOC Balance Sheet 8 US Treasuries & Agencies Held by Central Banks 9
Total Assets of Major Central Banks Figure 1 TOTAL ASSETS OF MAJOR CENTRAL BANKS (all in trillions of US dollars) 543 Total 2008120091201012011120121201312014120151201612017 320 T15T20162017 5.0 FED Total (4.4) Total (3.5) 2008120091201012011120121201312014120151201612017 2008120091201012011120121201312014120151201612017 BOJ PBOC 3.6 3.4 Total (3.9) Total (5.1) 208642086420 3 27 Includes US, ECB, Bank of Japan, and PBOC Source: Haver Analytics Page 1 /June 22. 2016/ Global Economic Briefing: Central Bank Balance Sheets Yardeni research www.yard
Figure 1. 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 6 7 8 9 10 11 12 13 14 15 16 17 18 May TOTAL ASSETS OF MAJOR CENTRAL BANKS (all in trillions of US dollars) Total Assets* (16.9) 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 3 4 5 6 7 8 9 10 11 12 13 May Total Excluding PBOC (11.8) 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 .6 1.0 1.4 1.8 2.2 2.6 3.0 3.4 3.8 4.2 4.6 5.0 May FED Total (4.4) 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 1.9 2.2 2.5 2.8 3.1 3.4 3.7 4.0 4.3 May ECB Total (3.5) 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 .8 1.0 1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6 2.8 3.0 3.2 3.4 3.6 3.8 4.0 BOJ May Total (3.9) * Includes US, ECB, Bank of Japan, and PBOC. Source: Haver Analytics. 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2.2 2.7 3.2 3.7 4.2 4.7 5.2 5.7 May PBOC Total (5.1) yardeni.com Total Assets of Major Central Banks Page 1 / June 22, 2016 / Global Economic Briefing: Central Bank Balance Sheets www.yardeni.com Yardeni Research, Inc
Fed Balance sheet Figure 2. FED’ S ASSETS FED'S LIABILITIES 4.0(trillion dollars) (trillion dollars) US Treasuries Agency Debt Liquidity Facilities 05074 2008120091201012011120121201312014120151201612017 320 T15T20162017 53222 5296 with Fed Agency Debt MBs Deposits at Fed) 2008120091201012011120121201312014120151201612017 20081200912010l20112012120l312014120151201612017 144 Central Bank Liquidity Swaps Other Loans 104 100 Federal Reserve Notes Source federal r figure for weeks ending Wednesdays Page 2/June 22. 2016/ Global Economic Briefing: Central Bank Balance Sheets Yardeni research www.yard
Figure 2. 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 .0 .5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 FED’S ASSETS* 6/15 (trillion dollars) US Treasuries + Agency Debt + MBS Liquidity Facilities 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 .5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 6/15 FED’S LIABILITIES* (trillion dollars) Total 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 .0 .3 .6 .9 1.2 1.5 1.8 2.1 2.4 2.7 6/15 Agency Debt + MBS US Treasury Securities 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 .0 .3 .6 .9 1.2 1.5 1.8 2.1 2.4 2.7 3.0 6/15 Reserve Balances with Fed (Depository Institutions’ Deposits at Fed) 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 .0 .2 .4 .6 .8 6/15 Central Bank Liquidity Swaps Other Loans *Average of daily figures for weeks ending Wednesdays. Source: Federal Reserve Board. 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 .76 .80 .84 .88 .92 .96 1.00 1.04 1.08 1.12 1.16 1.20 1.24 1.28 1.32 1.36 1.40 1.44 6/15 Federal Reserve Notes yardeni.com Fed Balance Sheet Page 2 / June 22, 2016 / Global Economic Briefing: Central Bank Balance Sheets www.yardeni.com Yardeni Research, Inc
Fed assets Figure 3 4.8 FED'S ASSETS QE2 QE3 QE4 6/1544 (trillion dollars) 4.0 2.8 Total Assets US Treasuries cy Debt varden. com 2008 2009 20117 2012 2015 lys $1. 24tn in mortgage securities. QE2(announced 11/3/10)= Fed buys $600bn in Treasu bn/month in mortgage securities(to infinity and yond). QE4(announced 12/12/12)=Fed buys $45bn/month Source: Federal reserve board Figure 4. FED'S 2.4 ASSETS QE3 & QE4 r(trillion dollars) 2.0 US Treasury Securities 18 18 Agency Debt 16 2014 daily figures for weeks ending Wednesday nounced 1 1/25/08)=Fed buys $1.24tn in mortgage securities. QE2 (announced 11/3/10)=Fed buys $600bn in Treasuries. QE3(announced 9/13/12)=Fed buys $40bn/month in mortgage securities(to infinity and beyond). QE4(announced 12/12/12)= Fed buys $45bn/month in Trea ource: Federal Reserve board Page 3/ June 22, 2016/ Global Economic Briefing: Central Bank Balance Sheets Yardeni research www.yard Inc
2008 2009 2010 2011 2012 2013 2014 2015 2016 .4 .8 1.2 1.6 2.0 2.4 2.8 3.2 3.6 4.0 4.4 4.8 .4 .8 1.2 1.6 2.0 2.4 2.8 3.2 3.6 4.0 4.4 4.8 QE1 QE2 QE3 & QE4 6/15 FED’S ASSETS* (trillion dollars) Total Assets US Treasuries + Agency Debt + MBS Note: QE1 (announced 11/25/08) = Fed buys $1.24tn in mortgage securities. QE2 (announced 11/3/10) = Fed buys $600bn in Treasuries. QE3 (announced 9/13/12) = Fed buys $40bn/month in mortgage securities (to infinity and beyond). QE4 (announced 12/12/12) = Fed buys $45bn/month in Treasuries. * Average of daily figures for weeks ending Wednesday. Source: Federal Reserve Board. yardeni.com Figure 3. 2008 2009 2010 2011 2012 2013 2014 2015 2016 .0 .2 .4 .6 .8 1.0 1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6 .0 .2 .4 .6 .8 1.0 1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6 QE1 QE2 QE3 & QE4 6/15 FED’S ASSETS* (trillion dollars) Agency Debt + MBS US Treasury Securities Note: QE1 (announced 11/25/08) = Fed buys $1.24tn in mortgage securities. QE2 (announced 11/3/10) = Fed buys $600bn in Treasuries. QE3 (announced 9/13/12) = Fed buys $40bn/month in mortgage securities (to infinity and beyond). QE4 (announced 12/12/12) = Fed buys $45bn/month in Treasuries. * Average of daily figures for weeks ending Wednesday. Source: Federal Reserve Board. yardeni.com Figure 4. Fed Assets Page 3 / June 22, 2016 / Global Economic Briefing: Central Bank Balance Sheets www.yardeni.com Yardeni Research, Inc