Fed’s Standing Repo Facility (SRF) Drops to Zero, from $75 billion on the Last Balance Sheet as Yearend Liquidity Turmoil Dissolves by Wolf Richter • Jan 5, 2026 • 26 Comments The Fed’s weekly balance sheet on Thursday will show a substantial drop in total assets.
Year-End Liquidity Turmoil on Fed’s Balance Sheet. Plus $38 Billion in T-bills Replace $15 Billion in MBS, Add $23 Billion in RMPs by Wolf Richter • Jan 2, 2026 • 35 Comments Standing Repo Facility spiked to $75 billion for a day, then fell back; ON RRPs spiked to $106 billion, then fell back.
The Fed Should Look at Private-Sector Jobs Growth and Not Get Distracted by the Massive Federal Government Job Cuts by Wolf Richter • Dec 16, 2025 • 88 Comments Federal government slashed 172,000 jobs in 3 months, Private Sector gained 225,000, the most since May.
Treasury Yield Curve Steepens Sharply, Yields from 2 Years to 30 Years Have Risen as the Fed Cut Three Times this Year by Wolf Richter • Dec 15, 2025 • 92 Comments The bond market faces the duo of Inflation and Supply.
US Government Sold $602 Billion of Treasuries this Week, 10-Year Treasury Yield Bounces Back to 4.20%, 30-Year Yield to 4.86%, Highest since Sep 4, after Fed Cuts by Wolf Richter • Dec 12, 2025 • 95 Comments All of it to fund the ballooning debt that hit $38.4 Trillion. Shift to T-bill issuance has begun.
Why the Fed’s “Reserve Management Purchases” Are Not QE by Wolf Richter • Dec 11, 2025 • 54 Comments The Fed reverts to pre-2009 balance sheet management where the balance sheet grows with or less than the economy.
This Fed Meeting Must Have Been an Epic Circus by Wolf Richter • Dec 10, 2025 • 164 Comments Amid 3 dissenters in both directions, FOMC cuts by 25 basis points. “Dot Plot” sees 1 cut next year, 3 members see 1 hike. Reserve management purchases of T-bills begins.
In Edgy Bond Market, 30-Year Treasury Yield Hits 3-Month High, 10-Year Yield Hits 1-Month High, Mortgage Rates Jump by Wolf Richter • Dec 8, 2025 • 79 Comments The expected rate cut gets complicated: A dovish Fed amid rising inflation can spook the bond market.
The Fed Will Talk a lot about “Reserve Balances” and “Reserve Management Purchases” at its FOMC Meetings by Wolf Richter • Dec 8, 2025 • 59 Comments What Are They? And why now?
Fed Balance Sheet QT: -$37 Billion in November, -$2.43 Trillion from Peak, to $6.54 Trillion by Wolf Richter • Dec 4, 2025 • 61 Comments Standing Repo Facility at zero, after doing its job calming the repo market at month-end. QT ended on December 1, but in November, QT continued.
