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Finance and Economics Discussion Series: Data for paper 201332

Analyzing Federal Reserve Asset Purchases: From whom does the Fed buy?

Seth Carpenter, Selva Demiralp, Jane Ihrig, and Elizabeth Klee

Left Panel Treasury Security Holdings by Sector 1990-2012 Billions; Quarterly

  Brokers & Dealers Depository Institutions Govt-sponsored Enterprises Household Sector Holding Companies Insurance Companies Investment Funds Pension Funds Rest of the World State & Local Govt
1990Q1 -2.986 217.909 18.507 417.115 0.925 136.583 120.033 279.333 415.674 237.602
1990Q2 -11.205 213.447 23.942 424.536 0.753 138.189 118.165 290.895 421.266 240.719
1990Q3 -33.339 214.052 40.079 469.746 0.741 141.054 124.002 296.636 434.145 246.011
1990Q4 7.277 205.802 34.326 503.983 0.687 142.8 138.802 297.923 438.363 249.735
1991Q1 -6.815 221.804 37.728 509.421 0.686 151.802 160.958 300.011 443.257 256.239
1991Q2 -5.679 230.712 38.214 522.036 0.761 161.142 153.812 301.529 453.173 255.815
1991Q3 8.904 250.147 43.002 528.038 1.523 175.458 171.555 290.141 457.598 272.115
1991Q4 5.669 270.466 40.754 535.475 1.028 185.815 192.149 292.454 476.289 275.798
1992Q1 -15.437 296.596 53.606 558.043 3.928 192.587 193.719 288.858 491.891 302.227
1992Q2 -5.661 311.249 51.144 565.188 3.874 197.257 193.579 294.827 513.373 273.703
1992Q3 -0.427 331.587 54.792 583.763 5.492 199.498 195.869 317.833 517.962 271.74
1992Q4 -7.657 342.149 58.702 627.348 6.144 202.406 200.506 324.863 520.339 264.645
1993Q1 -4.995 357.091 56.305 651.148 5.489 212.88 201.905 317.346 534.782 282.329
1993Q2 -1.318 355.085 59.358 652.525 5.865 222.662 207.432 323.281 540.158 288.408
1993Q3 -19.674 360.546 65.354 629.318 5.597 234.178 217.612 347.311 562.514 284.529
1993Q4 -28.313 367.663 51.593 673.232 5.319 239.246 227.163 337.195 594.551 298.325
1994Q1 -44.83 391.595 57.066 701.8 5.829 238.035 212.789 344.459 605.36 297.909
1994Q2 -53.124 379.028 55.481 738.758 4.827 242.654 204.624 350.034 604.184 281.832
1994Q3 -45.723 359.177 46.405 781.456 4.837 248.203 201.548 353.816 626.32 260.764
1994Q4 -42.684 335.013 51.942 870.974 4.578 244.459 209.359 355.678 632.571 237.391
1995Q1 -29.236 348.966 56.621 878.27 3.949 248.88 210.467 367.066 670.713 227.561
1995Q2 -0.129 334.313 56.338 868.071 5.632 249.996 202.447 360.098 724.385 192.507
1995Q3 -8.106 327.748 53.727 865.955 3.039 250.513 211.469 353.539 780.277 190.919
1995Q4 18.274 311.991 57.996 828.013 3.404 247.168 224.852 351.161 816.947 185.331
1996Q1 5.215 319.299 54.195 832.08 2.793 245.306 240.752 358.183 888.669 187.125
1996Q2 -14.08 315.955 34.513 827.804 2.77 234.571 230.387 365.997 910.263 185.425
1996Q3 -3.985 307.621 34.454 850.992 3.314 232.306 226.371 355.031 971.905 168.075
1996Q4 -12.836 292.592 18.76 888.873 4.025 219.392 227.214 353.181 1040.33 155.723
1997Q1 -22.758 313.685 19.057 908.53 3.58 187.518 221.588 352.801 1091.734 143.356
1997Q2 -28.009 297.295 13.465 848.127 2.902 188.59 216.412 356.98 1113.289 135.412
1997Q3 -42.821 290.109 21.687 820.661 2.687 192.472 221.272 366.504 1157.026 123.345
1997Q4 -5.344 296.281 25.879 797.847 3.971 181.868 232.335 363.088 1153.213 115.238
1998Q1 31.929 306.04 11.96 804.292 2.256 174.897 234.629 353.417 1158.014 99
1998Q2 -29.276 289.201 15.089 784.864 1.675 166.181 230.786 352.17 1159.523 103.5
1998Q3 38.103 243.517 19.024 763.416 0.968 157.686 231.748 343.34 1121.618 107.416
1998Q4 15.817 236.497 25.158 733.064 0.913 148.107 257.565 345.822 1166.244 115.467
1999Q1 48.12 246.282 29.837 702.194 1.143 143.96 244.955 346.918 1153.717 120.984
1999Q2 -12.25 239.457 27.339 667.316 1.154 138.515 228.136 356.698 1135.597 126.011
1999Q3 -21.843 240.353 28.188 647.502 0.881 133.219 222.48 355.659 1152.245 131.14
1999Q4 -42.626 239.905 30.943 810.159 8.773 127.611 228.677 351.787 1058.365 138.791
2000Q1 -6.509 236.812 25.151 747.729 0.922 125.268 222.318 347.085 1059.37 144.396
2000Q2 -24.138 221.084 20.659 636.863 1.069 121.757 205.372 343.931 1032.891 148.904
2000Q3 7.847 219.412 29.023 574.533 1.1 119.095 207.758 333.42 1008.879 154.572
2000Q4 -3.252 200.658 13.262 579.071 0.835 115.915 225.658 324.104 1021.426 158.959
2001Q1 61.131 187.213 11.891 533.25266 0.765 113.27534 225.272 330.765 1019.783 164.025
2001Q2 1.549 187.13 12.281 450.66576 0.929 112.06724 220.964 331.666 988.301 171.48
2001Q3 67.409 188.303 12.581 451.32629 0.844 111.51671 234.145 316.71 995.064 174.805
2001Q4 9.816 180.258 13.613 434.048 1.2 115.438 261.86 300.92 1095.208 182.188
2002Q1 -1.663 186.337 18.049 415.259 1.275 125.569 266.091 315.963 1109.955 186.591
2002Q2 9.925 202.966 20.635 352.248 1.731 136.048 253.829 305.994 1148.159 190.899
2002Q3 0.049 207.881 25.025 334.008 1.407 149.409 258.897 310.813 1211.343 194.286
2002Q4 -3.912 221.271 25.729 263.525 1.288 161.305 282.999 312.841 1285.498 201.273
2003Q1 17.481 152.118 25.256 294.541 1.325 163.487 298.142 328.141 1322.878 201.144
2003Q2 -63.208 142.728 25.477 373.946 2.358 165.964 303.56 331.744 1415.263 207.357
2003Q3 8.142 143.798 23.967 347.426 2.986 168.458 288.822 323.666 1484.336 209.567
2003Q4 37.778 150.347 13.462 407.059 2.722 166.44 282.877 321.016 1513.524 215.727
2004Q1 11.917 160.631 13.049 393.724 2.146 172.377 283.788 313.385 1658.086 220.398
2004Q2 -82.071 156.234 13.724 401.789 2.403 174.588 262.395 308.035 1785.765 227.92
2004Q3 -12.771 136.9 13.024 351.162 1.55 182.91 259.061 314.579 1834.956 242.741
2004Q4 -44.572 123.03 12.86 470.542 1.969 188.461 258.964 324.279 1813.553 250.893
2005Q1 -26.886 140.208 13.033 438.682 1.576 193.329 268.291 334.739 1908.08 257.171
2005Q2 -69.113 124.553 12.569 386.715 2.368 195 256.471 351.617 1918.847 261.218
2005Q3 -84.185 122.925 12.814 394.936 2.393 200.726 253.608 348.417 1962.575 266.03
2005Q4 -64.593 115.996 13.069 440.364 1.113 202.319 261.05 338.204 1984.391 270.35
2006Q1 -79.789 110.31 13.435 557.064 2.657 200.346 258.754 339.139 2024.045 275.593
2006Q2 -148.588 116.839 13.758 518.166 2.626 196.094 256.025 342.556 2026.412 282.896
2006Q3 -110.446 111.304 13.971 472.39 2.274 196.83 247.806 356.382 2065.46 287.342
2006Q4 -67.039 112.324 14.247 355.078 2.505 197.863 263.727 363.368 2126.178 294.088
2007Q1 -41.484 119.019 14.526 344.639 0.747 185.392 278.314 379.603 2208.924 300.033
2007Q2 -139.335 109.595 14.837 314.212 0.824 168.881 283.74 391.304 2196.987 307.272
2007Q3 -95.338 118.963 15.05 357.186 0.702 155.094 323.472 385.056 2208.258 289.463
2007Q4 -59.964 122.711 15.547 201.952 7.073 141.864 382.609 398.805 2376.442 294.891
2008Q1 -23.674 118.625 15.716 272.42 6.331 152.072 505.455 412.349 2496.862 296.063
2008Q2 -93.297 100.871 16.051 326.384 11.846 159.398 499.831 418.499 2591.883 299.062
2008Q3 -9.173 116.382 16.422 370.03 13.65 163.402 682.662 436.228 2810.015 284.576
2008Q4 190.624 101.907 16.767 204.865 3.095 171.361 795.828 443.711 3252.974 277.34
2009Q1 130.942 125.055 17.567 439.351 0.56 190.991 747.621 481.495 3462.656 315.869
2009Q2 155.937 133.721 19.261 435.765 7.033 200.028 731.242 513.895 3581.776 321.303
2009Q3 105.725 193.964 21.5 595.505 4.17 210.215 683.576 566.081 3680.309 327.358
2009Q4 122.977 196.595 21.853 762.277 5.817 222.014 708.043 604.997 3670.597 333.056
2010Q1 123.62 263.562 60.107 934.543 5.793 225.732 692.774 641.937 3852.007 336.884
2010Q2 87.092 261.049 72.179 1179.837 5.015 231.842 684.016 667.193 3965.572 333.05
2010Q3 73.779 305.669 69.519 1202.337 17.211 240.557 659.163 687.578 4261.093 338.111
2010Q4 94.503 299.481 55.166 1089.73 19.615 248.386 688.963 706.404 4466.586 345.763
2011Q1 78.545 305.095 58.533 930.694 16.067 251.425 693.768 720.346 4577.914 344.056
2011Q2 56.607 270.366 63.344 710.3 8.958 250.638 709.655 729.367 4664.664 342.248
2011Q3 79.273 273.316 68.542 783.103 20.355 253.358 780.569 757.982 4813.697 336.104
2011Q4 187.833 252.895 75.385 620.653 26.76 260.704 890.303 772.836 5071.115 333.182
2012Q1 203.769 280.596 78.751 766.787 39.575 260.468 944.154 785.72 5200.017 330.581
2012Q2 201.167 294.807 57.911 900.821 9.551 259.058 931.763 794.813 5292.252 327.61
2012Q3 190.792 327.762 50.733 945.053 9.618 263.755 951.831 805.917 5445.299 333.648

Right Panel Agency- & GSE-backed Security Holdings by Sector 1990-2012 Billions; Quarterly

  Brokers & Dealers Depository Institutions Govt-sponsored Enterprises Household Sector Holding Companies Insurance Companies Investment Funds Pension Funds Rest of the World State & Local Govt
1990Q1 25.62 459.549 8.008 84.42287 2.543 132.118 87.941 177.215 49.388 151.991
1990Q2 27.324 464.934 9.39 98.45015 2.07 137.349 96.983 184.076 50.857 151.96
1990Q3 31.485 471.238 10.44 108.42167 2.037 145.373 98.878 192.145 50.324 151.795
1990Q4 44.013 483.001 11.883 117.31797 1.89 153.049 109.002 195.938 49.406 151.033
1991Q1 45.29 486.486 22.869 98.70056 1.887 163.361 114.911 209.795 50.225 152.905
1991Q2 49.116 485.398 23.957 104.44262 2.093 182.993 115.8 209.285 51.563 153.813
1991Q3 54.652 485.911 29.465 106.30168 1.757 189.155 129.678 212.16 55.861 157.515
1991Q4 54.029 497.954 34.764 115.48643 2.395 206.319 137.323 204.046 58.531 162.725
1992Q1 57.617 506.564 40.286 110.20179 1.766 214.652 140.652 212.836 61.71 148.155
1992Q2 66.514 523.017 45.517 96.13466 1.589 219.765 159.332 204.632 68.386 166.627
1992Q3 62.053 533.63 45.374 104.13731 2.314 228.312 179.252 205.396 69.828 172.507
1992Q4 52.981 547.979 47.482 114.35821 2.199 235.627 201.257 196.436 71.352 174.902
1993Q1 60.3 569.919 45.843 110.27806 2.183 242.315 199.544 204.203 73.17 161.57
1993Q2 65.4 582.62 47.525 75.9519 2.406 252.707 211.997 202.322 82.13 166.402
1993Q3 73.8 593.906 52.576 57.93609 2.495 260.897 235.404 202.838 91.893 180.476
1993Q4 60.8 603.702 66.041 58.2746 3.096 267.275 240.407 206.818 103.241 175.007
1994Q1 58.6 610.984 77.659 98.77225 3.357 273.607 237.023 217.007 109.188 168.135
1994Q2 55.3 615.756 89.461 118.98801 3.74 272.238 240.749 234.426 115.133 172.648
1994Q3 50 626.484 111.418 137.89483 4.229 273.4 238.652 241.954 119.05 183.963
1994Q4 45 624.674 130.793 187.58701 4.833 279.903 242.912 251.844 106.793 186.6
1995Q1 45 634.006 136.137 159.8893 4.1 288.545 239.744 258.126 111.956 205.9
1995Q2 42 649.16 158.901 153.71397 3.911 290.934 251.864 261.497 115.589 200.3
1995Q3 46 666.1 163.941 184.40875 4.147 294.946 247.372 269.083 123.932 172.2
1995Q4 54 673.087 190.828 216.44 4.671 291.014 262.117 276.83 123.051 151.5
1996Q1 50 678.258 208.504 212.14 4.733 287.364 281.162 282.922 123.61 150.6
1996Q2 48.2 684.107 222.433 267.157 4.82 282.322 281.901 284.115 128.726 149.423
1996Q3 46.5 681.578 236.746 304.123 4.686 290.465 292.041 273.824 139.253 137.807
1996Q4 55.2 697.467 256.631 332.767 4.93 295.12 306.234 271.095 134.4 116.211
1997Q1 53.807 713.853 271.911 320.821 4.554 311.878 299.043 282.938 144.896 108.916
1997Q2 53.744 730.755 294.515 334.056 5.22 315.125 302.376 284.08 151.675 121.578
1997Q3 66.391 741.928 311.779 337.219 4.357 319.332 303.477 288.843 160.63 110.234
1997Q4 50.432 771.968 324.238 389.74 5.505 297.482 309.618 295.691 157.299 115.436
1998Q1 67.883 790.341 356.552 354.576 8.605 297.24 321.101 298.385 169.504 110.226
1998Q2 86.937 788.557 385.173 388.724 5.801 294.402 319.715 301.474 176.611 132.5
1998Q3 61.524 817.77 424.912 437.973 6.418 291.098 351.785 305.856 171.844 140.508
1998Q4 50.922 858.586 482.679 441.686 6.633 286.7 407.344 297.797 185.563 154.103
1999Q1 32.874 879.659 538.853 449.591 6.096 291.996 416.761 313.872 199.492 164.525
1999Q2 34.718 885.739 587.557 482.971 4.134 296.836 421.712 325.893 212.741 174.399
1999Q3 57.294 902.794 628.103 514.989 3.967 299.035 431.56 329.887 230.539 184.518
1999Q4 65.95 902.595 655.59 541.791 5.356 299.9 462.125 360.267 232.334 198.338
2000Q1 50.284 920.141 684.393 536.743 4.749 305.512 436.071 358.139 263.721 209.39
2000Q2 55.092 921.156 703.786 564.203 4.968 309.208 427.043 362.149 291.011 218.932
2000Q3 62.613 907.989 742.238 588.946 5.08 315.142 433.563 368.864 331.781 230.255
2000Q4 63.695 918.387 810.911 594.014 4.808 319.46 466.556 377.267 348.228 239.741
2001Q1 75.298 923.593 875.635 462.06903 5.414 326.69497 551.737 391.932 378.711 250.304
2001Q2 96.345 912.144 920.15 481.2642 5.071 331.3848 598.958 407.794 390.328 264.619
2001Q3 80.443 953.699 978.722 513.44247 5.007 341.33453 671.274 380.866 409.633 272.631
2001Q4 77.78 1013.194 1017.821 407.301 6.218 347.732 692.776 385.902 504.123 287.035
2002Q1 71.816 1062.369 1078.501 398.36 10.226 371.667 698.302 384.109 523.891 296.823
2002Q2 89.951 1116.806 1085.988 352.188 11.483 394.357 682.87 389.752 575.823 306.487
2002Q3 88.821 1139.456 1108.404 292.171 10.9 419.191 729.495 386.725 603.979 314.684
2002Q4 91.831 1162.381 1149.52 247.446 10.734 444.104 755.477 380.252 630.586 328.761
2003Q1 128.11 1225.159 1177.833 182.826 11.441 451.864 758.058 394.039 644.525 328.55
2003Q2 139.4 1307.295 1168.142 120.77 10.92 458.268 779.924 402.682 658.108 338.697
2003Q3 85.829 1241.881 1259.985 299.978 12.217 460.728 793.578 433.809 634.646 338.924
2003Q4 83.726 1281.693 1088.88 388.792 11.649 464.335 776.073 464.226 655.345 345.493
2004Q1 93.776 1388.206 1051.276 247.288 12.542 469.297 766.753 486.098 685.741 349.63
2004Q2 86.301 1404.583 1021.389 303.74 12.895 470.373 746.538 507.676 716.445 358.188
2004Q3 131.898 1336.776 1000.184 358.778 14.337 471.206 734.158 516.036 747.669 377.935
2004Q4 107.266 1311.122 886.503 390.638 13.534 469.264 730.134 499.785 875.24 387.051
2005Q1 108.177 1405.705 844.217 351.925 13.597 481.349 683.175 489.156 878.779 393.235
2005Q2 135.931 1388.461 796.413 421.769 12.833 483.287 642.421 477.744 928.484 395.911
2005Q3 118.07 1367.073 760.913 434.319 11.553 488.18 617.753 496.516 967.252 399.672
2005Q4 101.001 1357.103 751.078 500.811 11.198 486.472 643.488 516.194 1012.852 402.655
2006Q1 129.388 1403.134 746.154 455.345 11.948 496.228 641.749 527.714 1055.638 407.045
2006Q2 155.065 1439.891 743.257 391.406 13.089 500.538 639.672 550.942 1145.823 414.361
2006Q3 160.911 1397.431 724.757 435.012 12.56 502.939 627.763 565.396 1189.854 417.389
2006Q4 138.039 1373.941 714.013 439.073 11.172 499.381 630.472 582.008 1263.557 423.699
2007Q1 147.783 1365.227 697.344 488.961 12.537 503.05 646.13 595.318 1313.129 428.857
2007Q2 122.627 1362.692 688.355 543.461 11.551 505.88 668.684 604.932 1414.704 435.752
2007Q3 214.645 1295.471 693.931 653.094 12.703 509.947 724.082 620.54 1470.263 463.559
2007Q4 290.197 1258.179 702.944 680.567 9.889 508.696 801.217 633.299 1582.389 467.551
2008Q1 298.061 1250.327 728.377 635.411 12.969 504.438 965.182 638.955 1605.456 465.644
2008Q2 311.194 1325.528 854.27 647.297 28.302 499.599 1018.88 639.954 1630.305 466.297
2008Q3 350.042 1316.402 836.742 826.909 16.624 490.608 1121.799 650.406 1530.709 444.612
2008Q4 242.649 1400.334 909.985 748.593 25.801 480.456 1348.851 660.757 1406.943 431.42
2009Q1 221.979 1421.134 953.966 539.226 21.606 477.1 1364.397 645.267 1338.12 426.278
2009Q2 177.219 1489.331 949.004 249.059 22.354 481.716 1358.489 618.213 1316.474 415.432
2009Q3 141.568 1482.182 919.423 271.773 22.327 483.36 1270.238 594.982 1237.074 405.321
2009Q4 110.876 1579.962 924.546 167.115 24.319 488.157 1182.083 581.191 1154.9 399.672
2010Q1 127.506 1594.526 416.977 151.781 22.56 488.941 1149.752 565.85 1116.561 396.584
2010Q2 161.881 1592.625 387.713 150.203 22.107 489.797 1161.1 554.046 1128.012 383.468
2010Q3 173.536 1642.315 375.056 139.472 30.133 490.724 1175.626 544.376 1105.057 381.932
2010Q4 149.812 1718.112 377.009 169.375 21.086 491.728 1193.956 548.58 1084.039 383.677
2011Q1 153.228 1766.747 373.899 244.055 22.24 493.563 1166.821 553.23 1071.986 373.473
2011Q2 174.711 1767.075 368.239 213.42713 31.511 492.784 1178.966 553.067 1057.1 363.185
2011Q3 166.768 1787.526 368.133 181.29036 43.249 494.199 1261.532 559.785 1060.452 350.408
2011Q4 147.73 1851.69 358.924 134.3958 33.131 496.942 1341.052 559.506 1079.894 336.71
2012Q1 148.65 1929.15 347.684 57.96347 45.667 486.331 1317.636 550.351 1073.777 325.917
2012Q2 169.806 1905.846 342.392 56.30843 26.297 474.695 1361.331 540.79 1061.206 322.157
2012Q3 165.507 1903.486 323.859 7.50172 23.941 478.291 1397.964 532.083 1066.456 339.799
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