Accessible Version
Implementing Monetary Policy in an “Ample-Reserves” Regime: When in Crisis (Note 3 of 3), Accessible Data
Figure 1: The Fed’s Outright Securities Purchases
Daily - Billions of dollars
| Date | Treasury purchases (red portion of bar) | MBS purchases (blue portion of bar) | Cumulative purchases (black line) |
|---|---|---|---|
| 3/13/2020 | 37.00 | 0.00 | 37.00 |
| 3/16/2020 | 40.00 | 7.60 | 84.61 |
| 3/17/2020 | 40.01 | 3.61 | 128.23 |
| 3/18/2020 | 45.01 | 6.19 | 179.42 |
| 3/19/2020 | 75.00 | 14.42 | 268.84 |
| 3/20/2020 | 72.12 | 35.82 | 376.77 |
| 3/23/2020 | 73.83 | 30.17 | 480.77 |
| 3/24/2020 | 68.95 | 36.42 | 586.14 |
| 3/25/2020 | 70.95 | 39.88 | 696.97 |
| 3/26/2020 | 73.68 | 35.80 | 806.45 |
| 3/27/2020 | 71.50 | 41.04 | 918.99 |
| 3/30/2020 | 71.50 | 20.73 | 1011.22 |
| 3/31/2020 | 72.90 | 19.56 | 1103.68 |
| 4/1/2020 | 72.90 | 27.44 | 1204.02 |
| 4/2/2020 | 58.50 | 24.86 | 1287.38 |
| 4/3/2020 | 58.50 | 19.86 | 1365.74 |
| 4/6/2020 | 46.50 | 20.92 | 1433.16 |
| 4/7/2020 | 55.50 | 21.75 | 1510.41 |
| 4/8/2020 | 52.85 | 21.96 | 1585.21 |
| 4/9/2020 | 38.50 | 18.13 | 1641.84 |
| 4/13/2020 | 29.00 | 11.99 | 1682.83 |
| 4/14/2020 | 33.00 | 15.19 | 1731.02 |
| 4/15/2020 | 31.00 | 13.10 | 1775.12 |
| 4/16/2020 | 27.50 | 13.56 | 1816.17 |
| 4/17/2020 | 29.50 | 14.49 | 1860.16 |
| 4/20/2020 | 15.50 | 10.29 | 1885.96 |
| 4/21/2020 | 16.00 | 7.74 | 1909.69 |
| 4/22/2020 | 7.00 | 9.58 | 1926.27 |
| 4/23/2020 | 20.90 | 7.91 | 1955.08 |
| 4/24/2020 | 15.30 | 10.71 | 1981.09 |
| 4/27/2020 | 6.80 | 7.24 | 1995.13 |
| 4/28/2020 | 11.00 | 6.55 | 2012.68 |
| 4/29/2020 | 7.00 | 6.05 | 2025.74 |
| 4/30/2020 | 14.00 | 5.77 | 2045.50 |
| 5/1/2020 | 10.50 | 7.92 | 2063.92 |
| 5/4/2020 | 3.95 | 6.16 | 2074.03 |
| 5/5/2020 | 13.00 | 4.53 | 2091.56 |
| 5/6/2020 | 6.00 | 6.16 | 2103.72 |
| 5/7/2020 | 8.50 | 5.76 | 2117.98 |
| 5/8/2020 | 8.00 | 6.16 | 2132.14 |
| 5/11/2020 | 3.35 | 5.08 | 2140.57 |
| 5/12/2020 | 11.00 | 4.88 | 2156.45 |
| 5/13/2020 | 5.75 | 5.08 | 2167.28 |
| 5/14/2020 | 6.71 | 4.11 | 2178.10 |
| 5/15/2020 | 7.00 | 5.08 | 2190.18 |
| 5/18/2020 | 2.90 | 4.55 | 2197.63 |
| 5/19/2020 | 9.50 | 4.43 | 2211.56 |
| 5/20/2020 | 5.69 | 4.54 | 2221.78 |
| 5/21/2020 | 4.45 | 4.43 | 2230.66 |
| 5/22/2020 | 6.00 | 4.55 | 2241.21 |
| 5/26/2020 | 4.00 | 4.22 | 2249.43 |
| 5/27/2020 | 3.75 | 4.77 | 2257.95 |
| 5/28/2020 | 4.70 | 4.23 | 2266.88 |
| 5/29/2020 | 6.50 | 4.77 | 2278.15 |
| 6/1/2020 | 7.00 | 4.47 | 2289.62 |
| 6/2/2020 | 3.00 | 4.55 | 2297.17 |
| 6/3/2020 | 2.10 | 4.47 | 2303.74 |
| 6/4/2020 | 4.50 | 4.55 | 2312.78 |
| 6/5/2020 | 5.00 | 4.47 | 2322.25 |
| 6/8/2020 | 2.00 | 4.47 | 2328.72 |
| 6/9/2020 | 2.75 | 4.55 | 2336.02 |
| 6/10/2020 | 6.50 | 4.47 | 2346.99 |
| 6/11/2020 | 4.00 | 4.53 | 2355.51 |
| 6/12/2020 | 4.40 | 4.72 | 2364.63 |
| 6/15/2020 | 4.14 | 4.72 | 2373.50 |
| 6/17/2020 | 4.40 | 4.72 | 2382.62 |
| 6/18/2020 | 3.60 | 4.35 | 2390.57 |
| 6/19/2020 | 12.80 | 4.72 | 2408.09 |
| 6/22/2020 | 1.73 | 4.72 | 2414.54 |
| 6/23/2020 | 6.00 | 4.35 | 2424.89 |
| 6/24/2020 | 1.20 | 4.72 | 2430.81 |
| 6/25/2020 | 1.73 | 4.31 | 2436.85 |
| 6/26/2020 | 8.80 | 4.67 | 2450.31 |
| 6/29/2020 | 1.74 | 4.66 | 2456.71 |
| 6/30/2020 | 2.40 | 4.41 | 2463.52 |
Note: Cumulative purchases are from March 13.
Source: Federal Reserve Bank of New York. (Treasury securities purchase amounts (red bars): https://www.newyorkfed.org/markets/domestic-market-operations/monetary-policy-implementation/treasury-securities/treasury-securities-operational-details#monthly-details
MBS purchase amounts (blue bars): https://www.newyorkfed.org/markets/ambs/ambs_schedule accessed week of June 30, 2020.
Figure 2: Reserve Balances
Weekly - Billions of Dollars
| Date | Reserve Balances |
|---|---|
| 3/18/2020 | 1945.39 |
| 3/25/2020 | 2347.75 |
| 4/1/2020 | 2684.40 |
| 4/8/2020 | 2774.50 |
| 4/15/2020 | 3069.87 |
| 4/22/2020 | 3099.98 |
| 4/29/2020 | 3163.51 |
| 5/6/2020 | 3165.60 |
| 5/13/2020 | 3263.43 |
| 5/20/2020 | 3304.22 |
| 5/27/2020 | 3317.69 |
| 6/3/2020 | 3257.44 |
| 6/10/2020 | 3190.65 |
| 6/17/2020 | 3069.44 |
| 6/24/2020 | 2937.66 |
Source: Federal Reserve Bank (2020). H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks. https://www.federalreserve.gov/releases/h41/ (accessed week of June 24, 2020).
Figure 3: Take-up at Lending Facilities and Discount Window Extensions
Weekly - Billions of Dollars
| Date | Primary Credit | SMCCF | TALF | CPFF | MLF | PPPLF | MMLF | PDCF |
|---|---|---|---|---|---|---|---|---|
| 3/18/2020 | 28.22 | NA | NA | NA | NA | NA | NA | NA |
| 3/25/2020 | 50.77 | NA | NA | NA | NA | NA | 30.63 | 27.72 |
| 4/1/2020 | 43.74 | NA | NA | NA | NA | NA | 52.67 | 33.05 |
| 4/8/2020 | 43.45 | NA | NA | NA | NA | NA | 53.17 | 33.02 |
| 4/15/2020 | 36.28 | NA | NA | 0.95 | NA | NA | 50.66 | 33.41 |
| 4/22/2020 | 33.74 | NA | NA | 2.71 | NA | 8.01 | 48.81 | 31.53 |
| 4/29/2020 | 31.76 | NA | NA | 3.35 | NA | 19.49 | 46.28 | 25.50 |
| 5/6/2020 | 26.49 | NA | NA | 3.95 | NA | 29.18 | 42.76 | 14.90 |
| 5/13/2020 | 24.24 | NA | NA | 4.26 | NA | 40.58 | 39.82 | 10.29 |
| 5/20/2020 | 19.53 | NA | NA | 4.26 | NA | 45.09 | 36.45 | 7.50 |
| 5/27/2020 | 18.20 | NA | NA | 4.26 | NA | 49.21 | 33.24 | 6.24 |
| 6/3/2020 | 11.01 | NA | NA | 4.26 | 1.20 | 55.23 | 29.86 | 5.85 |
| 6/10/2020 | 8.43 | NA | NA | 4.26 | 1.20 | 56.98 | 26.98 | 5.83 |
| 6/17/2020 | 7.48 | 7.03 | 0.00 | 4.26 | 1.20 | 57.55 | 24.68 | 5.31 |
| 6/24/2020 | 6.24 | 8.71 | 0.00 | 4.26 | 1.20 | 62.60 | 22.89 | 3.62 |
Note: The values shown are utilization amounts.
Source: Federal Reserve Bank (2020). H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks. https://www.federalreserve.gov/releases/h41/ (Table 1, column 1 for Primary Credit, PDCF, MMLF, and PPPLF; Table 4, column 2 for CPFF, SMCCF, MLF, and TALF; accessed week of June 24, 2020).
Figure 4: Federal Reserve Assets
Daily - Billions of Dollars
| Date | Treasuries | MBS | Repo | Central Bank Liquidity Swaps | Facilities | Other Assets |
|---|---|---|---|---|---|---|
| 3/18/2020 | 2640.77 | 1366.68 | 342.95 | 0.05 | 28.22 | 289.55 |
| 3/25/2020 | 2978.37 | 1384.56 | 339.20 | 206.05 | 109.12 | 236.97 |
| 4/1/2020 | 3340.83 | 1457.72 | 262.40 | 348.54 | 129.46 | 272.65 |
| 4/8/2020 | 3634.39 | 1459.70 | 181.75 | 358.08 | 129.64 | 319.59 |
| 4/15/2020 | 3788.86 | 1568.17 | 153.40 | 378.29 | 121.30 | 357.87 |
| 4/22/2020 | 3909.35 | 1622.49 | 157.00 | 409.71 | 124.80 | 349.79 |
| 4/29/2020 | 3971.42 | 1604.72 | 156.20 | 438.95 | 126.37 | 358.26 |
| 5/6/2020 | 4020.19 | 1605.38 | 151.90 | 444.89 | 117.29 | 381.77 |
| 5/13/2020 | 4057.27 | 1783.76 | 154.95 | 440.93 | 119.18 | 378.13 |
| 5/20/2020 | 4089.33 | 1862.84 | 150.35 | 446.10 | 112.83 | 375.80 |
| 5/27/2020 | 4109.51 | 1835.11 | 156.45 | 448.95 | 111.15 | 436.15 |
| 6/3/2020 | 4134.36 | 1835.59 | 168.45 | 446.95 | 107.41 | 472.46 |
| 6/10/2020 | 4150.41 | 1835.60 | 108.75 | 444.52 | 103.68 | 525.98 |
| 6/17/2020 | 4169.34 | 1918.74 | 74.50 | 352.47 | 107.51 | 472.13 |
| 6/24/2020 | 4197.40 | 1943.44 | 68.20 | 274.96 | 109.53 | 488.77 |
Source: Federal Reserve Bank (2020). H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks. https://www.federalreserve.gov/releases/h41/ (accessed week of June 24, 2020).