Money Supply Is Falling By Most Since Great Depression | Danielle DiMartino Booth
Forward Guidance
The Fed's Balance Sheet Is Declining Because of Quantitative Tightening
The Fed's balance sheet has been declining because of quantitative tightening. It had a kick up shortly after the fall of Silicon Valley bank due to its discount window lending primary credit as well as the bank term funding program, BTFP. Most of the pickup is the discount window, not BTFP. People have to remember that even in the heat of the pandemic hitting the United States economy, Fed didn't touch CRE.
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