2020-05-31

Fed Balance Sheet Versus Total Debt

Total debt outstanding (TCMDO) divided by the Fed's balance sheet (WALCL). TCMDO is quarterly and lags, right now the Fed's balance sheet is approaching 10 percent of TCMDO, down about 8 percentage points from the end of this chart. Inverse (WALCL/TCMDO) peaks around 7 percent in 2014, drops to 5 percent at the end of 2019, and now closing in on 10 percent. This is not close to what was done in 2008 yet. The numbers are larger thus far because they have to be.

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