Federal Reserve Board: H.2 Release for Week Ending September 23, 2017; H.4.1 Release (Balance Sheet) for Week Ending September 28, 2017; Three Of Note Items


Of Note

(1) The 2016 Survey of Consumer Finances was released. According to a FEDS Notes article, the net worth for nonwhites, despite a showing of growth, did not begin to approach or match the significantly higher net worth of whites. At similar educational levels, white net worth surpassed, by far, the net worth of blacks and of latinos.

Comment:  This result, while stunning, is unsurprising, given the history and policies of the United States of America.

 

(2) Fed Governor Lael Brainard gave two speeches on the effect of persistent employment disparities (for black and latino peoples) on the wider economy. (Both speeches reflected her own views, not those of the Federal Open Market Committee (FOMC) or the Board.)

Why Persistent Employment Disparities Matter for the Economy’s Health

Labor Market Disparities and Economic Performance

Comment:  For the Board, I do not have confidence, given the closed-door FOMC views and overall derision toward people not socio-economically fortunate. (See blog posts on an article in the Intercept and on the Board’s own nearly 19-year obstinance with its black employees in Artis v. Greenspan Bernanke Yellen)

Such observations would have to become policy positions. With this context, mere reporting on known facts (without remedial policy ideas/proposals) is not sufficient.

 

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(3) Interesting New York Times op-ed by Rana Foroohar, “How Big Banks Became Our Masters.”

Observation:  Representative Keith Ellison (D-Minn.) directed a question to Chair Janet Yellen at the July 2017 Monetary Policy Report hearing. He referred to Foroohar’s book, “Makers and Takers: How Wall Street Destroyed Main Street.”


The Federal Reserve Board (Board) publishes a weekly digest of its activities on its website. The digest is called the H.2 Release and is published every Thursday. The release for the week ending September 23, 2017, is below.

H.2 Release–Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received

Category Action Taken
Bank Holding Companies PacWest Bancorp, Beverly Hills, California — to acquire CU Bancorp, Los Angeles, and thereby indirectly acquire California United Bank.

-Approved, September 20, 2017

Forms Forms — initial Board review to extend without revision the Recordkeeping Requirements Associated with the Real Estate Lending Standards Regulation for State Member Banks (Reg H-5).

-Proposed, September 21, 2017

Personnel Division of Monetary Affairs — appointment of Brian Madigan and Stephen Meyer as senior advisers and Matthew Luecke as associate director.

-Announced, September 22, 2017

Management Division — appointment of Curtis Eldridge as associate director and Katherine Perez-Grines and Daniela Wegmann as assistant directors.

-Announced, September 21, 2017

Regulations and Policies Presidential $1 Coin Program — annual report to Congress on the Presidential $1 Coin Program.

-Approved, September 8, 2017

(A/C)

Enforcement AB&T Financial Corporation, Gastonia, North Carolina — written agreement issued May 7, 2012, terminated September 13, 2017.

-Announced, September 19, 2017

The First Bank of Baldwin, Baldwin, Wisconsin — written agreement issued July 26, 2011, terminated September 19, 2017.

-Announced, September 21, 2017

Federal Reserve Board: Balance Sheet (H.4.1 Release)

The Board publishes data of factors affecting reserve balances. The digest is called the H.4.1 Release, and they are published every Thursday (or the next business day if the publication date falls on a federal holiday). The release for September 28, 2017, is below.

[Note: The blog will cover the line titled “Total Factors Supplying Reserve Funds.”]

H.4.1 Release–Factors Affecting Reserve Balances

Total factors supplying reserve funds (as of September 27, 2017):  $4,502,238 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).

(See the release for further information.)

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Federal Reserve Board: H.2 Release for Week Ending September 9, 2017; H.4.1 Release (Balance Sheet) for Week Ending September 14, 2017; Three Of Note Items


Of Note

(1) The Fed’s respondents in Beige Book informed Fed Banks of their difficulty in getting workers. (See the article at Yahoo Finance by Myles Udland, “It’s Never Been Harder to Fill a Job in America.”)

A comment:  What these anecdotes do not feature, as labor’s views are not collected: The instability of jobs, low pay, no relocation reimbursement. Why would someone move for a job and then possibly lose it after so much stress? Why don’t the companies cultivate talent in the places where they are located?

Yet again, the Fed has fallen down on the job, with its wealthy-economist staff.

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The handless facepalm

(2) The immorality of neoliberalism. Op-ed by Daniel K. Reece, “Mind over Managing:  When Neoliberalism Eats Itself.”

Key quote:

In global economic terms, one theme of the past 30 years has been the undeniable triumph of ‘neoliberalism’ – the idea that economics is a system independent of ethics or normative judgements, and instead one where markets are the supreme moral arbiter, independent of pesky human subjectivity and argument.

Yet whilst ‘markets’ in isolation may be objective concepts, anything which involves us homo sapiens certainly is not. Economic policy that places our actions in an amoral sphere – dictated by the whims of the market, whilst undoubtedly creating enormous wealth for a few – has caused phenomenal wealth disparity whilst downgrading subjective, reasoned argument derived from conscience.

(3) The continuing wealth gap. In a Washington Post article about the falling average salary in high cost-of-living Washington, D.C. metropolitan area, there was a stunning, yet unsurprising, fact—the low level of wealth for black people compared with the wealth of whites.

Key quote:

Frey [William Frey, a demographer in the Metropolitan Policy Program at the Brookings Institution] pointed out that the changing fortunes of District residents did not affect everyone equally. White residents, who make up 36 percent of the District, actually saw their median household income rise $2,568, to $127,369, while black residents, who make up 46 percent, saw median incomes fall $3,631 to $37,891.

This drastic inequality was mirrored in some but not all of the largest cities in the nation; the median black family makes $104,722 less than the median white family in San Francisco, but $16,809 less in Jacksonville, Fla.


The Federal Reserve Board (Board) publishes a weekly digest of its activities on its website. The digest is called the H.2 Release and is published every Thursday. The release for the week ending September 9, 2017, is below.

H.2 Release–Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received

Category Action Taken
Bank Mergers Synovus Bank, Columbus, Georgia — to acquire substantially all the assets and assume the deposit liabilities of World’s Foremost Bank, Sidney, Nebraska.
-Approved, September 5, 2017
Forms Forms — initial Board review to extend without revision the Recordkeeping and Disclosure Requirements Associated with the Guidance on Response Programs for Unauthorized Access to Customer Information (FR-4100).
-Proposed, September 5, 2017
Forms — final Board review to extend without revision the Compensation and Salary Surveys (FR 29a, FR 29b).
-Approved, September 5, 2017
Enforcement Regions Bank, Birmingham, Alabama — issuance of a consent order of prohibition against Daniel X. Brennan, a former employee and institution-affiliated party.
-Announced, September 5, 2017

Federal Reserve Board: Balance Sheet (H.4.1 Release)

The Board publishes data of factors affecting reserve balances. The digest is called the H.4.1 Release, and they are published every Thursday (or the next business day if the publication date falls on a federal holiday). The release for September 14, 2017, is below.

[Note: The blog will cover the line titled “Total Factors Supplying Reserve Funds.”]

H.4.1 Release–Factors Affecting Reserve Balances

Total factors supplying reserve funds (as of September 13, 2017):  $4,518,062 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).

(See the release for further information.)

Federal Reserve Board: H.2 Release for Week Ending August 12, 2017; H.4.1 Release (Balance Sheet) for Week Ending August 17, 2017

The Federal Reserve Board (Board) publishes a weekly digest of its activities on its website. The digest is called the H.2 Release and is published every Thursday. The release for the week ending August 12, 2017, is below.

H.2 Release–Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received

Category Action Taken
Bank Holding Companies Mitsubishi UFJ Financial Group, Inc., Tokyo, Japan — to acquire shares of Standard Life, plc, Edinburgh, United Kingdom, pursuant to section 163(b) of the Dodd-Frank Act.
-Approved, August 11, 2017
Forms Forms — initial Board review to extend without revision the Notifications Related to Community Development and Public Welfare Investments of State Member Banks (FR H-6).
-Proposed, August 7, 2017

Forms — initial Board review to extend without revision the Reporting Requirements Associated with Regulation XX Concentration Limit (FR XX) and Financial Company (as defined) Report of Consolidated Liabilities (FR XX-1).
-Proposed, August 11, 2017

Personnel Management Division — appointment of Tameika Pope as senior associate director and chief human capital officer and Reginald Roach as deputy associate director.
-Announced, August 8, 2017

Federal Reserve Board: Balance Sheet (H.4.1 Release)

The Board publishes data of factors affecting reserve balances. The digest is called the H.4.1 Release, and they are published every Thursday (or the next business day if the publication date falls on a federal holiday). The release for August 17, 2017, is below.

[Note: The blog will cover the line titled “Total Factors Supplying Reserve Funds.”]

H.4.1 Release–Factors Affecting Reserve Balances

Total factors supplying reserve funds (as of August 16, 2017):  $4,509,755 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).

(See the release for further information.)

Federal Reserve Board: H.2 Release for Week Ending August 5, 2017; H.4.1 Release (Balance Sheet) for Week Ending August 10, 2017; Merck CEO Kenneth Frazier Quits Presidential Council, “Colorblindness” Must End


Of Note items

(1) Cannot find a job? Move! Billionaire Donald Trump (the 45th president who often travels to his properties) and economist Tyler Cowen (professor of economics at George Mason University) advise you to move, forgetting at-will employment, lack of relocation-cost reimbursement, effect of child custody agreements, underwater mortgages, or other real-life (not academic economist’s) considerations (for example, unemployed people do not have money).

(2) Detestable overt and implicit “colorblind” racial violence. It is commendable that Kenneth Frazier, CEO, Merck & Co., stated that he quit from Trump’s President’s Manufacturing Council as a result of Trump’s lack of response to the tragedy in Charlottesville, Va. (Image is from Frazier’s tweet (link above).)

merck ceo leaves council 2017

However, while the racial violence was overt in Charlottesville, the everyday implicit racial bias is equally corrosive to a fair society. The everyday silent, hidden “colorblind” violence continues. It would be far more helpful for Frazier to start a CEO-led committee to expose and eradicate all discrimination in the workplace.

The Supreme Court, through Antonin Scalia and John Marshall Harlan, demonstrated its institutional loyalty to the racial status quo–white-race societal dominance. The Federal Reserve, in its completed , almost 20-year employment discrimination case, Artis v. Greenspan Bernanke Yellen, also demonstrated its institutional fidelity to “colorblind” racial discrimination.

(See Auerbach, Robert (2008). “Deception and Abuse at the Fed,” chapter 8, and Merton, Rev. Thomas (1964). “Seeds of Destruction” (Letters to a White Liberal).)

2014-03-04-auerbach
Sheila Clark’s letter to the EEOC (printed in the Auerbach book, page 123).

The Federal Reserve Board (Board) publishes a weekly digest of its activities on its website. The digest is called the H.2 Release and is published every Thursday. The release for the week ending August 5, 2017, is below.

H.2 Release–Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received

Category Action Taken
Forms Forms — initial Board review to extend with revision the Application for Employment with the Board of Governors of the Federal Reserve System (FR 28, FR 28s, and FR 28i).
-Proposed, July 24, 2017Forms — initial Board review to extend without revision the Reporting, Recordkeeping, and Disclosure Requirements Associated with Proprietary Trading and Certain Interests in and Relationships with Covered Funds (Regulation VV) (FR VV).
-Proposed, July 27, 2017
Enforcement Barclays Bank PLC, New York Branch, New York, New York — issuance of a consent order of prohibition against Michael Weston, a former institution-affiliated party.
-Announced, July 24, 2017M&T Bank Corporation, Buffalo, New York, and Manufacturers and Traders Trust Company — written agreement dated June 17, 2013, terminated July 25, 2017.
-Announced, July 27, 2017

Federal Reserve Board: Balance Sheet (H.4.1 Release)

The Board publishes data of factors affecting reserve balances. The digest is called the H.4.1 Release, and they are published every Thursday (or the next business day if the publication date falls on a federal holiday). The release for August 10, 2017, is below.

[Note: The blog will cover the line titled “Total Factors Supplying Reserve Funds.”]

H.4.1 Release–Factors Affecting Reserve Balances

Total factors supplying reserve funds (as of August 9, 2017):  $4,515,817 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).

(See the release for further information.)

Federal Reserve Board: H.2 Release for Week Ending July 29, 2017; H.4.1 Release (Balance Sheet) for Week Ending August 3, 2017; Three Of Note Items


Of Note items

(1) On Friday August 4, 2017, it was declared that the United States had reached the same level of jobs as before the 2008 financial crash. There is no joy because many people still suffer from the financial aftermath of the Wall-Street-created crash.

(2) So much for “full employment”:  Baltimore Business Journal. “Thousands wait to apply for 1,200 new Amazon jobs in Baltimore”. Keep in mind that Amazon is a demanding employer (also, the fulfillment job people were lining up for is physically taxing), yet this was the response to a job fair. (Baltimore is within the jurisdiction of the Federal Reserve Bank of Richmond.)

800px-Paris_Tuileries_Garden_Facepalm_statue
paris_tuileries_garden_facepalm_statue

(2(a.)) Update-7-August-2017: Kenneth Rapoza with Forbes provided details about these Amazon jobs people lined up for (and jobs which the Labor Department and the Federal Reserve counts as replacement jobs for the ones lost with the 2008 financial crash.

Rapoza’s article was titled “China-Like Wages Now Part of U.S. Employment Boom“:

Starting pay at the Amazon warehouse, carved out of a large lot with a new road called Innovation Way designed for Amazon-bound trucks, is at $12.75, no degree required. For inventory managers with warehousing experience, the pay is $14.70 an hour and requires a bachelor’s degree.

Hopefully, those hires do not have any student loans, or they will have to choose between rent, health insurance, a car, or Fannie Mae.

Some of the jobs are temporary hires through Integrity Staffing. The job description for one of the $12.75 an hour gigs includes the ability to stand for 10 to 12 hours straight in a fulfillment center where the temperature will occasionally exceed 90 degrees.

(3) An August 2, 2016 article in the Harvard Business Review asked “Why Americans Are So Angry Despite America’s Strong Economy?” A comment there said it all:

“Americans are so angry because they are tired of the endless propaganda, constantly telling the masses that things are different than observed, witnessed reality. They’re tired of cruddy, low wage jobs. They’re tired of being over-worked, just to see their rewards directed only towards the corporate bosses, the CEO’s. They’re tired of CEO’s making 400-1000 times their wages. They’re tired of the Transnational Capitalist Class (TCC), the .001% realizing most of the economic gains.”

Makes one think about the effect of the Board’s bloated balance sheet and who was helped by the extraordinary ($4.5 trillion) Board action.


The Federal Reserve Board (Board) publishes a weekly digest of its activities on its website. The digest is called the H.2 Release and is published every Thursday. The release for the week ending July 29, 2017, is below.

H.2 Release–Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received

Category Action Taken
Forms Forms — initial Board review to extend with revision the Application for Employment with the Board of Governors of the Federal Reserve System (FR 28, FR 28s, and FR 28i).

-Proposed, July 24, 2017

 

Forms — initial Board review to extend without revision the Reporting, Recordkeeping, and Disclosure Requirements Associated with Proprietary Trading and Certain Interests in and Relationships with Covered Funds (Regulation VV) (FR VV).

-Proposed, July 27, 2017

Enforcement Barclays Bank PLC, New York Branch, New York, New York — issuance of a consent order of prohibition against Michael Weston, a former institution-affiliated party.

-Announced, July 24, 2017

 

M&T Bank Corporation, Buffalo, New York, and Manufacturers and Traders Trust Company — written agreement dated June 17, 2013, terminated July 25, 2017.

-Announced, July 27, 2017

Federal Reserve Board: Balance Sheet (H.4.1 Release)

The Board publishes data of factors affecting reserve balances. The digest is called the H.4.1 Release, and they are published every Thursday (or the next business day if the publication date falls on a federal holiday). The release for August 3, 2017, is below.

[Note: The blog will cover the line titled “Total Factors Supplying Reserve Funds.”]

H.4.1 Release–Factors Affecting Reserve Balances

Total factors supplying reserve funds (as of August 2, 2017):  $4,513,405 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).

(See the release for further information.)

Federal Reserve Board: H.2 Release for Week Ending July 22, 2017; H.4.1 Release (Balance Sheet) for Week Ending July 27, 2017; Macroeconomics and “Colorblindness” = Wickedness


Of Note items

(1) From the Guardian Newspaper (United Kingdom)

One quote about “balanced budgets”–

“Despite these significant shifts, myths about the economy refuse to go away and hamper a more productive debate. They concern how the government manages public finances – “tax and spend”, if you will.

The first is that there is an inherent virtue in balancing the books. Conservatives still cling to the idea of eliminating the budget deficit, even if it is with a 10-year delay (2025, as opposed to George Osborne’s original goal of 2015). The budget-balancing myth is so powerful that Labour feels it has to cost its new spending pledges down to the last penny, lest it be accused of fiscal irresponsibility.

However, as Keynes and his followers told us, whether a balanced budget is a good or a bad thing depends on the circumstances. In an overheating economy, deficit spending would be a serious folly. However, in today’s UK economy, whose underlying stagnation has been masked only by the release of excess liquidity on an oceanic scale, some deficit spending may be good – necessary, even.”

(2) From the Board’s working paper series “Finance and Economics Discussion Series (FEDS), Economists Tomaz Cajner, Tyler Radner, David Rattner, and Ivan Vidangos authored a staff working paper titled “Racial Gaps in Labor Market Outcomes in the Last Four Decades and over the Business Cycle.”

My observation:  In summary, the effect of persistent, systemic discrimination has terrible effects on black people in the labor market. This paper shows why economist-consensus talk of “full employment” level being reached is patently unfair and dangerous to black people in the United States. The United States was built on the backs of black people, forced to work for free and under inhuman conditions. The legacy lives on even with so-called civil rights acts. (See Reverend Thomas Merton (1964), “Seeds of Destruction,” pages 19-20, and this blog’s posts on “colorblindness.”)

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[Note:  The Board itself is not excluded from discriminatory behavior. See this blog’s posts on the former case of Artis v. Greenspan Bernanke Yellen. Eighteen years of the plaintiffs’ lives were lost because of Board obstinancy.

2014-03-04-auerbach
Sheila Clark’s letter to the EEOC (printed in Robert D. Auerbach’s book, “Deception and Abuse at the Fed,” page 123).

A quote from a previous blog update–“On June 20, 2016, the plaintiffs filed a petition for certiorari (No. 15-1543). On October 3, 2016, the Supreme Court announced that it denied cert for TERRELL, GEORGIANNA, ET AL. V. YELLEN, CHAIR, BD. OF GOVERNORS (page 15 of pdf).”]

(3) Related to item (2), there was a column on Bloomberg.com by Narayana Kocherlakota (2017), “Macroeconomists Can’t Keep Ignoring Race and Gender.” July 27.

Key quote–

“Economics is supposed to be concerned with figuring out what makes people better off, and how we can have more of it. For decades, macroeconomists have operated with the (largely unspoken) presumption that such questions are best addressed using models that ignore race and gender differences. The more we learn about these differences, the clearer it becomes that this is a mistake. The models need to change.”


 

The Federal Reserve Board (Board) publishes a weekly digest of its activities on its website. The digest is called the H.2 Release and is published every Thursday. The release for the week ending July 22, 2017, is below.

H.2 Release–Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received

Category Action Taken
Forms Forms — final Board review to extend without revision the Recordkeeping and Disclosure Requirements Associated with Regulation R (FR 4025).

-Approved, July 17, 2017

Forms — initial Board review to extend without revision the Application for Exemption from Prohibited Service at Savings and Loan Holding Companies (FR LL-12).

-Proposed, July 17, 2017

Regulations and Policies Covered-Fund Seeding Period — delegation of authority to the Federal Reserve Banks to approve requests for extensions of time to conform certain “seeding” investments in hedge funds or private equity funds under the Volcker Rule, provided certain criteria are met.

-Approved, July 17, 2017

Minority Depository Institutions — annual report to Congress on preserving minority depository institutions, in accordance with the Dodd-Frank Act.

-Approved, June 30, 2017

(A/C)

Prepaid Cards — annual report to Congress on government-administered, general-use prepaid cards, in accordance with the Dodd-Frank Act.

-Approved, July 3, 2017

(A/C)

Volcker Rule — interagency coordination of reviews of the treatment of certain foreign funds under the Volcker Rule.

-Announced, July 21, 2017

Federal Reserve Board: Balance Sheet (H.4.1 Release)

The Board publishes data of factors affecting reserve balances. The digest is called the H.4.1 Release, and they are published every Thursday (or the next business day if the publication date falls on a federal holiday). The release for July 27, 2017, is below.

[Note: The blog will cover the line titled “Total Factors Supplying Reserve Funds.”]

H.4.1 Release–Factors Affecting Reserve Balances

Total factors supplying reserve funds (as of July 26, 2017):  $4,512,020 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).

(See the release for further information.)

 

Federal Reserve Board: H.2 Release for Week Ending July 15, 2017; H.4.1 Release (Balance Sheet) for Week Ending July 20, 2017

The Federal Reserve Board (Board) publishes a weekly digest of its activities on its website. The digest is called the H.2 Release and is published every Thursday. The release for the week ending July 15, 2017, is below.

H.2 Release–Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received

Category Action Taken
Testimony and Statements Monetary Policy — statement by Chair Yellen before the House Committee on Financial Services on July 12 and the Senate Committee on Banking, Housing, and Urban Affairs on July 13, 2017, on the semiannual monetary policy report to the Congress.

-Published, July 12, 2017

Bank Branches, Domestic Regions Bank, Birmingham, Alabama — to establish a total of 19 branches in Georgia, Indiana, Missouri, Tennessee, and Texas.

-Approved, July 14, 2017

Forms Forms — initial Board review to extend with revision the Financial Statements of U.S. Nonbank Subsidiaries of U.S. Holding Companies (FR Y-11); Abbreviated Financial Statements of U.S. Nonbank Subsidiaries of U.S. Holding Companies (FR Y-11S); Financial Statements of Foreign Subsidiaries of U.S. Banking Organizations (FR 2314); and Abbreviated Financial Statements of Foreign Subsidiaries of U.S. Banking Organizations (FR 2314S).

-Proposed, July 10, 2017

 

Forms — initial Board review to extend with revision the Consolidated Financial Statements for Holding Companies (FR Y-9C), Parent Company Only Financial Statements for Large Holding Companies (FR Y-9LP), Parent Company Only Financial Statements for Small Holding Companies (FR Y-9SP), Financial Statements of U.S. Nonbank Subsidiaries Held by Foreign Banking Organizations (FR Y-7N), and Consolidated Report of Condition and Income for Edge and Agreement Corporations (FR 2886b).

-Proposed, July 10, 2017

Regulations and Policies Appraisal Requirements — publication for comment of a proposed interagency rule to increase the dollar threshold at or below which appraisals are not required for commercial real estate transactions.

-Approved, July 14, 2017

 

Regulatory Flexibility Act and Small-Entity Compliance Guides — (1) principles for a handbook on the act and the development of compliance guides and (2) related delegations to approve and publish the guides and submit required reports to Congress.

-Approved, July 14, 2017

Enforcement BNP Paribas S.A., Paris, France; BNP Paribas USA, Inc., New York, New York; and BNP Paribas Securities Corp. — issuance of a consent cease-and-desist order and assessment of a civil money penalty.

-Approved, June 26, 2017

Federal Reserve Board: Balance Sheet (H.4.1 Release)

The Board publishes data of factors affecting reserve balances. The digest is called the H.4.1 Release, and they are published every Thursday (or the next business day if the publication date falls on a federal holiday). The release for July 20, 2017, is below.

[Note: The blog will cover the line titled “Total Factors Supplying Reserve Funds.”]

H.4.1 Release–Factors Affecting Reserve Balances

Total factors supplying reserve funds (as of July 19, 2017):  $4,523,637 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).

(See the release for further information.)