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Will the Fed Thread the Needle? with Itay Vinik
Bankless
The Effect of QE on the Bank's Balance Sheet
This is, of course, the bank term funding program that we've talked about. And the last, and I think most coherent answer that we got is that technically it counts, but it shouldn't be considered meaningful. So what you're seeing here in this chart, going back to 2003 is a total amount of discount window barring that's taking place. That's COVID. And this is the 153 billion jump we've seen in three days, just to cover the reserve. But this is a sign of financial stress in the system nonetheless because banks are pretty desperate that they have to do this.
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