Current Reserve Assets at Depositories at $1,612B and that is with TGA up at $450B as of yesterday close...
If Treasury runs the TGA down to $200B by March 1 as they did last year that would add $250B of non-risk assets to Depositories in about the next 30 days... that future balance of Reserve assets would then be $1,862B around March 1... again if they run the TGA balance back down to $200B...
(Unless Treasury changes their policy this year to keep the TGA more stable throughout the month of February)
I have a hard time believing Depositories are adequately planning to accommodate receipt of these additional $100Bs of non-risk assets in such a short time period if Treasury repeats last year's fiscal policy for February...
Events in February may become very revealing...