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fed helicopter money march-april 2020 [69c7738b]

FED QE has dramatically slowed down since 2nd week of March
Same QE playblock as before, front load the bailout and cut back asset purchases

1. MBS

Balance of MBS's have actually fallen
- www.newyorkfed.org/markets/ambs/transaction-summary
MBS's take weeks to actually settle
- Why?
Boom in mortagage refinancing
- wolfstreet.com/2020/04/29/mortgage-forbearance-balloons-home-sales-plunge/

2. REPO

Repo purchases have stalled, big REPO ops are being leftover from a few weeks ago

3. SPV (special purchase vehicles)

Technically gets around limits imposed by the Federal Reserve Act FED Powers
Remained steady at ~162 b
Composed of:
- Primary credit
- Secondary Credit
- Seasonal Credit
- Primary Dealer credit
- Money Market Mutual Fund
- Paycheck Protection Program

3.1. Central Bank Repos

BoJ largest user
- 49%
- 214 bil
ECB second biggest
- 32%
- 142 bil
7 days or 84 day maturities