The recent expansion in the Fed's balance sheet may not be stimulative, some observers said, as bitcoin rose past $25,000 on QE speculation. Reports godbole17
The U.S. Federal Reserve's balance sheet expanded by $297 billion to $8.63 trillion in the week of March 15, reaching the highest value since November.has restarted
However, the recent balance sheet expansion stemmed mainly from banks borrowing short-term loans from the central banks to cope with the crisis of confidence triggered by the collapse of three U.S. banks, including the start-ups focused-Silicon Valley Bank. Banks also borrowed $11.9 billion from the newly created Bank Term Funding Program , a liquidity lifeline for banks guaranteeing loans with holdings of U.S. Treasuries. This also is not a free money as borrowing banks must pay interest rates defined by the one-year overnight index swap rate plus ten basis points.
In the meantime, the Fed's holdings of Treasuries and mortgage-backed securities declined by $7 billion and $2 billion, respectively, as part of the central bank's quantitive tightening program kicked off in June last year.
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