On borrowed time: 1 March 2024

The Soon Parted chart pack

Graphs may be shared and re-used, unmodified, for any purpose. More graphs are always in the works; comments or requests are welcome.

Short-term funding markets

• Money funds have moved from repo deposits to T-bills

• The debt ceiling, again

• Money is valuable again: Financial conditions beyond the fed funds rate

• Off the floor

• Along the curve: FRBNY sec lending

• A system under strain

• What’s going on with overnight rates?

• Quantitative tightening and overnight rates

• The overnight rate complex

Central bank balance sheets

Federal Reserve balance sheet

• Usage of the Fed’s ON RRP deposit facility has begun to contract

• Age of contraction

• The Fed’s balance sheet, 1914-1935

• Monetary impulse

• The overnight repo facility reaches $2 trillion

• The subtle sport of Fed-watching

• Mechanics of quantitative tightening: animating Zoltan

• Getting back to normalization

ECB balance sheet

• The plumbing of monetary union

• Whatever it took

BOJ balance sheet

• Yield curve control

• The Bank of Japan

SNB balance sheet

• The SNB taps its swap line

PBOC balance sheet

• The PBOC is buying foreign exchange

• China’s difficult choices: the missing T accounts

• China in the global production system

• The US–China clearing balance

• The PBOC balance sheet, part 2

• The PBOC standing bid

• Forward markets in dollar-renminbi foreign exchange

• FX deposits at China’s banks have contracted by $250 billion

Stablecoins

• Aldasoro, Mehrling and Neilson: A money view of stablecoins

US commercial banks