Fed Slashed $39.7 B Last Week

The Fed rolled $17.3 billion in treasuries and $39.7 billion total off its balance sheet for the week ending November 21. If the Fed sticks to the monthly $50 billion target for November, it has to reduce about $16 billion this week. Most of that will come on Friday when treasuries mature, the Fed needs another $13 billion in treasuries to hit its November target. If the Fed plays catch-up for October (and prior months) it could reduce as much as $32 billion.

The S&P 500 Index fell 52 points last week.