Global Economic Briefing:
Central Bank Balance Sheets
Yardeni Research, Inc.
June 13, 2017
Dr. Edward Yardeni
516-972-7683
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Mali Quintana
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Table Of Contents
Table Of Contents
Total Assets of Major Central Banks
Fed Balance Sheet
ECB Balance Sheet
ECB & BOJ Balance Sheets
PBOC
US Treasuries & Agencies Held by Central Banks
June 13, 2017 / Global Economic Briefing: Central Bank Balance Sheets
1-2
3
4
5
6
7
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Total Assets of Major Central Banks
Figure 1.
5.0
5.0
TOTAL ASSETS OF MAJOR CENTRAL BANKS
(trillion dollars)
4.5
4.5
May
4.0
4.0
Fed ( (May=4.4)
ECB ( (May=4.6)
BOJ ( (May=4.5)
3.5
3.5
3.0
3.0
2.5
2.5
2.0
2.0
1.5
1.5
1.0
1.0
.5
.5
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
Source: Haver Analytics.
Figure 2.
15
15
TOTAL ASSETS OF MAJOR CENTRAL BANKS
(trillion dollars)
May
13
13
Total of
Fed, ECB, BOJ (13.5)
11
11
9
9
7
7
5
5
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3
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
3
2018
Source: Haver Analytics.
Page 1 / June 13, 2017 / Global Economic Briefing: Central Bank Balance Sheets
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Total Assets of Major Central Banks
Figure 3.
20
19
18
TOTAL ASSETS OF MAJOR CENTRAL BANKS
(all in trillions of US dollars)
4.9
ECB
May
Apr
4.6
4.3
17
16
4.0
Total (4.6)
Total
Assets* (18.4)
15
3.7
14
13
3.4
12
3.1
11
10
2.8
9
2.5
8
2.2
7
6
1.9
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
5.0
FED
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
5.7
PBOC
4.6
May
5.2
4.2
Apr
3.8
Total (5.0)
Total (4.4)
3.4
4.7
4.2
3.0
2.6
3.7
2.2
3.2
1.8
1.4
2.7
1.0
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.6
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
4.6
4.4
4.2
4.0
3.8
3.6
3.4
3.2
3.0
2.8
2.6
2.4
2.2
2.0
1.8
1.6
1.4
1.2
1.0
.8
BOJ
2.2
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
May
May
14
13
12
Total (4.5)
11
Total
Excluding
PBOC (13.5)
10
9
8
7
6
5
4
3
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
*Includes US, ECB, Bank of Japan, and PBOC.
Source: Haver Analytics.
Page 2 / June 13, 2017 / Global Economic Briefing: Central Bank Balance Sheets
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Fed Balance Sheet
Figure 4.
4.5
4.0
FED’S ASSETS*
6/7
(trillion dollars)
5.0
FED’S LIABILITIES*
(trillion dollars)
6/7
4.5
3.5
4.0
3.0
3.5
2.5
3.0
2.0
1.5
1.0
US Treasuries +
Agency Debt +
MBS
2.5
2.0
Total
Liquidity Facilities
1.5
.5
1.0
.0
.5
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
2.7
3.0
6/7
2.4
2.7
2.1
6/7
2.4
2.1
1.8
1.8
1.5
1.5
1.2
1.2
.9
.6
US Treasury Securities
.9
Reserve Balances
with Fed
(Depository Institutions’
Deposits at Fed)
Agency Debt + MBS
.3
.6
.3
.0
.0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
.8
6/7
.6
.4
Central Bank
Liquidity Swaps
Other Loans
.2
Federal Reserve Notes
.0
6/7
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2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
*Average of daily figures for weeks ending Wednesdays.
Source: Federal Reserve Board.
1.52
1.48
1.44
1.40
1.36
1.32
1.28
1.24
1.20
1.16
1.12
1.08
1.04
1.00
.96
.92
.88
.84
.80
.76
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Page 3 / June 13, 2017 / Global Economic Briefing: Central Bank Balance Sheets
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ECB Balance Sheet
Figure 5.
4400
4000
TOTAL ASSETS
6/9
(billion euros)
2000
SELECTED LIABILITIES
(billion euros)
3600
Deposit
Facility
Euro Area
Credit
Institutions
in Euro
3200
2800
6/9
1800
1600
1400
1200
1000
800
2400
600
2000
400
1600
200
1200
0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
400
1350
1250
Liabilities to Other
Euro Area
Residents
in Euro
Lending to Euro Area
Credit Institutions in Euro
1150
1050
340
6/9
280
950
850
220
6/9
750
160
650
550
100
450
350
40
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
3000
1200
Securities of Euro Area
Residents in Euro
2000
6/9
6/9
Bank Notes
in Circulation
1000
General Govt Debt
Denominated in Euro
1000
800
0
600
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
800
Foreign Reserves
Including Gold
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
1100
6/9
600
Miscellaneous
Liabilities*
6/9
1000
900
800
400
700
200
Claims on Euro Area
Residents in
Foreign Currency
600
500
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0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
400
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
* Total liabilities minus sum of lending to euro area credit institutions in euro, liabilities to other euro area residents in euro, and bank notes in circulation.
Source: European Central Bank.
Page 4 / June 13, 2017 / Global Economic Briefing: Central Bank Balance Sheets
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ECB & BOJ Balance Sheets
Figure 6.
2.5
2.2
1.9
2.5
2.2
1.9
6/9
ECB: HOLDINGS OF SECURITIES
(trillion euros, ratio scale)
1.6
1.6
1.3
1.3
D
1.0
NIRP
QE
QEE
1.0
Securities of Euro Area
Residents in Euro
.7
.7
.4
.4
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.1
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
.1
2018
D = ECB President Mario Draghi pledged to do "whatever it takes" to defend the euro (7/26/12). NIRP = negative interest-rate policy (6/5/2014).
QE (1/22/15). QEE = expansion and extension of QE (3/10/16, corporate bond purchases started 6/1/16).
Source: European Central Bank.
Figure 7.
350
350
JAPAN: RESERVE BALANCES
Z
AT BOJ
(trillion yen, reserve adjusted)
May
300
250
250
200
150
yardeni.com
300
200
150
100
100
50
50
0
0
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
Z = Zero Interest Rate Policy.
Note: Blue shade is Quantitative Easing Policy.
Source: Bank of Japan.
Page 5 / June 13, 2017 / Global Economic Briefing: Central Bank Balance Sheets
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PBOC
Figure 8.
6.2
5.7
5.2
4.7
4.2
3.7
3.2
PBOC ASSETS
6.2
5.7
5.2
4.7
4.2
3.7
3.2
Apr
(trillion dollars, nsa, ratio scale)
2.7
2.7
2.2
2.2
1.7
1.7
1.2
1.2
.7
.7
Total Assets (5.0)
Foreign Exchange Assets (3.1)
Nongold International Reserves
Held by China (IMF data) (3.1)
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.2
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
.2
2018
Source: People’s Bank of China and IMF.
Figure 9.
85
80
85
PBOC ASSETS
(percent)
80
Foreign Exchange Held/Total PBOC Assets
75
75
70
70
65
65
Apr
60
60
55
55
50
50
45
45
40
40
35
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2002
2003
35
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
Source: People’s Bank of China and IMF.
Page 6 / June 13, 2017 / Global Economic Briefing: Central Bank Balance Sheets
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US Treasuries & Agencies Held by Central Banks
Figure 10.
3400
3200
3400
US TREASURIES HELD BY FED & FOREIGN OFFICIAL ACCOUNTS
(billion dollars)
3200
3000
3000
6/7
2800
2800
2600
Held by Fed
2600
2400
Foreign Official
Dollar Reserves*
2400
2200
2200
2000
2000
1800
1800
1600
1600
1400
1400
1200
1200
1000
1000
800
800
600
600
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400
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
400
2018
* Held by foreign official institutions at the Fed. Average of week ending Wednesday.
Source: Federal Reserve Board, Table H.4.1.
Figure 11.
2005
2005
US AGENCIES HELD BY FED & FOREIGN OFFICIAL ACCOUNTS
(billion dollars)
Held by Fed (1779.8)
1505
1505
Foreign Official Dollar Reserves* (262.9)
1005
1005
505
505
6/7
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5
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
5
2018
* Held by foreign official institutions at the Fed. Average of week ending Wednesday.
Source: Federal Reserve Board, Table H.4.1.
Page 7 / June 13, 2017 / Global Economic Briefing: Central Bank Balance Sheets
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