Revealing snip below from yesterday's DTS that shows where the Treasury account started on the first of the FY at ~$250b higher than where it is most recently reported...
This is an additional quarter of a $trillion of non-risk assets that govt has put on Depository balance sheets than otherwise...
This is about one-third of system level bank credit assets that the Depositories would currently add in a full year to finance productive activity...
Certainly applying a substantial drag on recent and current economic activity...
And another disappointing thing here from these incompetent people is that the current balance at $133b is the exact same balance of the account over a month ago on the Friday Trump signed the bill suspending their moron "Debt Ceiling!" once again...
iow Treasury has not been able to increase the General Account towards their stated target balance AT ALL in over a month since the months long limitation on UST securities issuance was ended...
