Board of Governors of the Federal Reserve System

Figure 1. Repo Clearing

Figure 1 presents 2 panels.

The panel on the left is a stacked area chart that illustrates the composition of dealers’ repo market activity, specifically by bilateral/tri-party and cleared/uncleared. The x-axis is months and it runs from January 2021 to mid-July 2022. The y-axis is US dollars (trillions) and it runs from 0-3 in 0.5 increments. The graph is split into two sections, before the revised survey (January 5, 2022) and after. The left area, represented in gray, is the total volume of repo agreements. The trend fluctuates around $2.5 trillion. After the revised survey, represented by a vertical black line at January 5, 2022, the total is split into four sections. The highest area, represented in red, is general collateral financing (GCF) repo where the volume stays approximately at $0.06 trillion ($60 billion). The area below, represented in yellow, is tri-party repo (excluding GCF) and it is approximately $1 trillion. The third from the top, represented in green, is cleared bilateral repo. Its volume is $0.5 trillion ($500 billion). The bottom section, represented in blue, is uncleared bilateral repo and it averages almost $1 trillion in volume.

The panel on the right is a stacked area chart that illustrates the composition of the dealers’ reverse repo market activity, specifically by bilateral/tri-party and cleared/uncleared. The x-axis is months and it runs from January 2021 to mid-July 2022. The y-axis is US dollars (trillions) and it runs from 0-3 in 0.5 increments. The graph is split into two sections, before the revised survey (January 5, 2022) and after. The left area, represented in gray, is the total volume of reverse repo agreements. The trend fluctuates around $2 trillion. After the revised survey, represented by a vertical black line at January 5, 2022, the total is split into four sections. The highest area, represented in red, is general collateral financing (GCF) repo where the volume stays approximately at $0.1 trillion ($100 billion). The area below, represented in yellow, is tri-party repo (excluding GCF) and it is approximately $0.08 trillion ($80 billion). The third from the top, represented in green, is cleared bilateral repo. Its volume is $0.7 trillion ($700 billion). The bottom section, represented in blue, is uncleared bilateral repo and it averages almost $1.2 trillion in volume.

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Figure 2. Specific Issue and General Collateral Repo

Figure 2 presents 2 panels.

The panel on the left is a stacked area chart that illustrates the composition of dealers’ repo market activity, specifically specific issue/general collateral (represented by color) and cleared/uncleared (represented by lightness). The x-axis is months and it runs from January 2021 to mid-July 2022. The y-axis is US dollars (trillions) and it runs from 0-3 in 0.5 increments. The graph is split into two sections, before the revised survey (January 5, 2022) and after. The left area, represented in gray, is the total volume of repo agreements. The trend fluctuates around $2.5 trillion. After the revised survey, represented by a vertical black line at January 5, 2022, the total is split into six sections. The highest area, represented in purple, is sponsored trades where the volume stays approximately at $0.05 trillion ($50 billion). The area below, represented in light red, is uncleared specific issue repo. It is approximately $0.85 trillion ($850 billion) in volume. The third area, represented in dark red, is cleared specific issue repo and is around $0.35 trillion ($350 billion). The area below, represented in light blue, is uncleared general collateral repo agreements and is $0.08 trillion ($83 billion). The fifth area, represented in dark blue, is cleared general collateral and is smaller than the one before at $0.08 trillion ($77 billion). The bottom section, represented in medium blue, is tri-party repo and is $1 trillion.

The panel on the right is a stacked area chart that illustrates the composition of dealers’ reverse repo market activity, specifically specific issue/general collateral (represented by color) and cleared/uncleared (represented by lightness). The x-axis is months and it runs from January 2021 to mid-July 2022. The y-axis is US dollars (trillions) and it runs from 0-3 in 0.5 increments. The graph is split into two sections, before the revised survey (January 5, 2022) and after. The left area, represented in gray, is the total volume of reverse repo agreements. The trend fluctuates around $2 trillion. After the revised survey, represented by a vertical black line at January 5, 2022, the total is split into six sections. The highest area, represented in purple, is sponsored trades where the volume stays approximately at $0.05 trillion ($50 billion). The area below, represented in light red, is uncleared specific issue repo. It is approximately $1 trillion in volume. The third area, represented in dark red, is cleared specific issue repo and is around $0.5 trillion ($500 billion). The area below, represented in light blue, is uncleared general collateral repo agreements and is $0.2 trillion ($200 billion). The fifth area, represented in dark blue, is cleared general collateral and is $0.08 trillion ($80 billion). The bottom section, represented in medium blue, is tri-party repo and is $0.2 trillion ($200 billion).

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Figure 3. Cross-sectional Averages of Repo Market Activity

Figure 3 presents 2 panels.

The panel on the left is a line chart that illustrates the share of repo and reverse repo matching, averaged across all dealers in our sample. The x-axis is months and it runs from January 2022 to mid-July 2022. The y-axis is a ratio, and it runs from 0-1 in 0.2 increments. The cleared bilateral market, represented by the green solid line, is matched between 60 and 70 percent of the time. The same is true for uncleared bilateral, represented by the dot-dash blue line. However, cleared bilateral matching trends are more volatile.

The panel on the right is a line chart that illustrates the balance sheet reduction from participating in the DvP (delivery versus payment) repo market, averaged across all dealers in our sample. The x-axis is months and it runs from January 2022 to mid-July 2022. The y-axis is a ratio, and it runs from 0-0.4 in 0.1 increments. The balance sheet reduction in the DvP market, represented by a solid black line, fluctuates between 15 and 20 percent.

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Figure 4. Collateral Classes by Repo Market

Figure 4 presents 6 panels.

The panel on the top left is a stacked area chart that illustrates the collateral composition of dealers’ repo market activity in the tri-party market. The x-axis is months and it runs from January 2022 to mid-July 2022. The y-axis is US dollars (trillions) and it runs from 0-1.4 in 0.2 increments. The trend fluctuates around $1.1 trillion. The highest area, represented in gray, is for all other classes. All other classes include asset-backed securities, GSE commercial MBS, GSE non-MBS, and other MBS. Its volume is approximately $0.06 trillion ($62 billion). The area below, represented in orange, is for corporate securities at $0.06 trillion ($60 billion). The third area below, represented in yellow, is for equities at $0.08 trillion ($80 billion). The area below, represented in green, is for GSE Residential MBS at $0.3 trillion ($300 billion). The area below, represented in light purple, is for Treasury securities at $0.5 trillion ($500 billion). And finally, the area below, represented in dark purple, is for TIPS at $0.06 trillion ($60 billion).

The panel on the top right is a stacked area chart that illustrates the collateral composition of dealers’ reverse repo market activity in the triparty market. The x-axis is months and it runs from January 2022 to mid-July 2022. The y-axis is US dollars (trillions) and it runs from 0-0.3 in 0.05 increments. The trend fluctuates around $0.10 and $0.25 trillion ($100 and $250 billion). The highest area, represented in green, is for GSE Residential MBS at $0.05 trillion ($50 billion). The area below, represented in a light purple, is for Treasury securities at $0.12 trillion ($120 billion).

The panel on the middle left is a stacked area chart that illustrates the collateral composition of dealers’ repo market activity in the uncleared bilateral market. The x-axis is months and it runs from January 2022 to mid-July 2022. The y-axis is US dollars (trillions) and it runs from 0-1.4 in 0.2 increments. The trend fluctuates around $0.9 trillion ($900 billion). The highest area is corporate securities, represented in orange. Its volume is almost $0.02 trillion ($20 billion). The area below, represented in green, is GSE Residential MBS and is approximately $0.013 trillion ($13 billion). The area below, represented in light purple, is for Treasury securities at $0.8 trillion ($800 billion). And finally, the area below, represented in dark purple, is for TIPS at $0.1 trillion ($100 billion).

The panel on the middle right is a stacked area chart that illustrates the collateral composition of dealers’ reverse repo market activity in the uncleared bilateral market. The x-axis is months and it runs from January 2022 to mid-July 2022. The y-axis is US dollars (trillions) and it runs from 0-1.4 in 0.2 increments. The trend fluctuates around $1.2 trillion. The highest area, represented in gray, is all other classes. All other classes include asset-backed securities, GSE commercial MBS, GSE non-MBS, and other MBS. The area below, represented in orange, is for corporate securities. Its volume is approximately $0.02 trillion ($20 billion). The area below, represented in green, is for GSE Residential MBS at $0.1 trillion ($100 billion). The fourth area from the top, represented in light purple, is for Treasury securities at $0.9 trillion ($900 billion). And finally, the area below, represented in dark purple, is for TIPS at $0.15 trillion ($150 billion).

The panel on the bottom left is a stacked area chart that illustrates the collateral composition of dealers’ repo market activity in the cleared bilateral market. The x-axis is months and it runs from January 2022 to mid-July 2022. The y-axis is US dollars (trillions) and it runs from 0-0.8 in 0.1 increments. The trend fluctuates around $0.48 trillion ($480 billion). The highest area, represented in light purple, is for Treasury securities at $0.45 trillion ($450 billion). The area below, represented in dark purple is for TIPS at approximately $0.03 trillion ($30 billion).

The panel on the bottom right is a stacked area chart that illustrates the collateral composition of dealers’ reverse repo market activity in the cleared bilateral market. The x-axis is months and it runs from January 2022 to mid-July 2022. The y-axis is US dollars (trillions) and it runs from 0-0.8 in 0.1 increments. The trend fluctuates around $0.62 trillion ($620 billion). The highest area, represented in light purple, is for Treasury securities at $0.58 trillion ($580 billion). The area below, represented in dark purple is for TIPS at approximately $0.04 trillion ($40 billion).

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Figure 5. Repo Markets by Collateral Class

Figure 5 presents 6 panels.

The panel on the top left is a stacked area chart that illustrates the composition of dealers’ repo market activity for Treasury collateral (Treasury securities and TIPS), specifically by bilateral/tri-party and cleared/uncleared. The x-axis is months and it runs from January 2021 to mid-July 2022. The y-axis is US dollars (trillions) and it runs from 0-3 in 0.5 increments. The graph is split into two sections, before the revised survey (January 5, 2022) and after. The left area, represented in gray, is the total volume of repo agreements. The trend fluctuates around $2 trillion. After the revised survey, represented by a vertical black line at January 5, 2022, the total is split into four sections. The highest area, represented in red, is general collateral financing (GCF) repo where the volume stays approximately at $0.035 trillion ($35 billion). The area below, represented in yellow, is tri-party repo (excluding GCF) and it is approximately $0.53 trillion ($530 billion). The third from the top, represented in green, is cleared bilateral repo. Its volume is $0.48 trillion ($480 billion). The bottom section, represented in blue, is uncleared bilateral repo and it averages almost $0.9 trillion ($900 billion) in volume.

The panel on the top right is a stacked area chart that illustrates the composition of dealers’ reverse repo market activity for Treasury collateral (Treasury securities and TIPS), specifically by bilateral/tri-party and cleared/uncleared. The x-axis is months and it runs from January 2021 to mid-July 2022. The y-axis is US dollars (trillions) and it runs from 0-3 in 0.5 increments. The graph is split into two sections, before the revised survey (January 5, 2022) and after. The left area, represented in gray, is the total volume of reverse repo agreements. The trend fluctuates around $1.8 trillion. After the revised survey, represented by a vertical black line at January 5, 2022, the total is split into four sections. The highest area, represented in red, is general collateral financing (GCF) repo where the volume stays approximately at $0.05 trillion ($50 billion). The area below, represented in yellow, is tri-party repo (excluding GCF) and it is approximately $0.075 trillion ($75 billion). The third from the top, represented in green, is cleared bilateral repo. Its volume is $0.6 trillion ($600 billion). The bottom section, represented in blue, is uncleared bilateral repo and it averages $1 trillion in volume.

The panel on the middle left is a stacked area chart that illustrates the composition of dealers’ repo market activity for Agency MBS collateral (GSE Commercial MBS, GSE Residential MBS, and GSE Non-MBS), specifically by bilateral/tri-party and cleared/uncleared. The x-axis is months and it runs from January 2021 to mid-July 2022. The y-axis is US dollars (trillions) and it runs from 0-0.6 in 0.1 increments. The graph is split into two sections, before the revised survey (January 5, 2022) and after. The left area, represented in gray, is the total volume of repo agreements. The trend starts around $0.5 trillion ($500 billion) and decreases until mid-2021 where it fluctuates around $0.33 trillion ($330 billion). After the revised survey, represented by a vertical black line at January 5, 2022, the total is split into three sections. The highest area, represented in red, is general collateral financing (GCF) repo where the volume stays approximately at $0.02 trillion ($20 billion). The area below, represented in yellow, is tri-party repo (excluding GCF) and it is approximately $0.3 trillion ($300 billion). The bottom section, represented in blue, is uncleared bilateral repo and it averages almost $0.01 trillion ($10 billion) in volume.

The panel on the middle right is a stacked area chart that illustrates the composition of dealers’ reverse repo market activity for Agency MBS collateral (GSE Commercial MBS, GSE Residential MBS, and GSE Non-MBS), specifically by bilateral/tri-party and cleared/uncleared. The x-axis is months and it runs from January 2021 to mid-July 2022. The y-axis is US dollars (trillions) and it runs from 0-0.3 in 0.05 increments. The graph is split into two sections, before the revised survey (January 5, 2022) and after. The left area, represented in gray, is the total volume of reverse repo agreements. The trend starts around $0.25 trillion ($250 billion) and decreases until mid-2021 where it fluctuates around $0.16 trillion ($160 billion). After the revised survey, represented by a vertical black line at January 5, 2022, the total is split into three sections. The highest area, represented in red, is general collateral financing (GCF) repo where the volume stays approximately at $0.05 trillion ($50 billion). The area below, represented in yellow, is tri-party repo (excluding GCF) and it is less than $0.01 trillion (at $0.005 trillion or $5 billion). The bottom section, represented in blue, is uncleared bilateral repo and it averages almost $0.11 trillion ($110 billion) in volume.

The panel on the bottom left is a stacked area chart that illustrates the composition of dealers’ repo market activity for all other collateral classes (asset-backed securities, corporate securities, equities, and other MBS), specifically by bilateral/tri-party and cleared/uncleared. The x-axis is months and it runs from January 2021 to mid-July 2022. The y-axis is US dollars (trillions) and it runs from 0-0.3 in 0.05 increments. The graph is split into two sections, before the revised survey (January 5, 2022) and after. The left area, represented in gray, is the total volume of repo agreements. The trend fluctuates between $0.2 and $0.25 trillion ($200 and $250 billion). After the revised survey, represented by a vertical black line at January 5, 2022, the total is split into two sections. The highest area, represented in yellow, is tri-party repo (excluding general collateral financing, or GCF) and it is approximately $0.2 trillion ($200 billion). The bottom section, represented in blue, is uncleared bilateral repo and it averages almost $0.047 trillion ($47 billion) in volume.

The panel on the bottom right is a stacked area chart that illustrates the composition of dealers’ reverse repo market activity for all other collateral classes (asset-backed securities, corporate securities, equities, and other MBS), specifically by bilateral/tri-party and cleared/uncleared. The x-axis is months and it runs from January 2021 to mid-July 2022. The y-axis is US dollars (trillions) and it runs from 0-0.1 in 0.02 increments. The graph is split into two sections, before the revised survey (January 5, 2022) and after. The left area, represented in gray, is the total volume of reverse repo agreements. The trend fluctuates around $0.05 trillion ($50 billion). After the revised survey, represented by a vertical black line at January 5, 2022, the total is split into two sections. The highest area, represented in yellow, is tri-party repo (excluding general collateral financing, or GCF) and it is less than $0.01 trillion (at $2 billion). The bottom section, represented in blue, is uncleared bilateral repo and it averages almost $0.048 trillion ($48 billion) in volume. Starting at the end of June 2022, a sliver of general collateral financing (GCF) repo, represented by red, starts appearing on the graph. Its volume is $1 billion.

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Figure 6. Repo by Maturity – All Collateral Classes

Figure 6 presents 2 panels.

The panel on the left is a stacked area chart that illustrates the maturity of dealers’ repo market activity, specifically overnight, less than 30 days, and greater or equal to 30 days. The y-axis is US dollars (trillions) and it runs from 0-3 in 0.5 increments. The total, which averages around $2.5 trillion, is split into three sections. The highest area, represented in light blue, is repos with a maturity greater or equal to 30 days and it is $0.4 trillion ($400 billion). The area below, in medium blue, is repos with maturity less than 30 days and it is $0.25 trillion ($250 billion). The bottom section, represented in dark blue, is overnight repos and it is around $1.8 trillion.

The panel on the right is a stacked area chart that illustrates the maturity of dealers’ reverse repo market activity, specifically overnight, less than 30 days, and greater or equal to 30 days. The y-axis is US dollars (trillions) and it runs from 0-3 in 0.5 increments. The total, which averages around $2 trillion, is split into three sections. The highest area, represented in light blue, is repos with a maturity greater or equal to 30 days and it is $0.6 trillion ($600 billion). The area below, in medium blue, is repos with maturity less than 30 days and it is $0.3 trillion ($300 billion). The bottom section, represented in dark blue, is overnight repos and it is around $1.1 trillion.

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Figure 7. Average Maturity of Dealer Repo

Figure 7 presents 4 panels.

The panel on the top left is a line chart that illustrates the average repo maturity. The x-axis is months and it runs from January 2021 to mid-July 2022. The y-axis is days and it runs from 0-50 in 5 day increments. The graph is split into two sections, before the revised survey (January 5, 2022) and after. The left area only has one line, represented by the solid black line, that fluctuates between 10-15 days. After the revised survey, represented by a vertical black line at January 5, 2022, four other lines appear. At the time horizon of July 13, 2022, the highest is GCF, represented by a dotted red line. Its average maturity trends upwards (though not steadily). It starts with an average maturity of around 25 days and increases up to 35 days. The next longest maturity is cleared bilateral, represented by a dot-dash green line. It starts just above 10 days, by April increases to under 20 days, where it stays until July when it decreases to 15 days. The next longest maturity is the overall average, the solid black line that began in 2021 at around 12 days. The next longest maturity is uncleared bilateral, represented by a longer-dashed blue line that diverged from the total in March and decreased to around 11 days. The shortest maturity is tri-party (excluding GCF), represented by the dashed orange line. It remains relatively steady at 10 days.

The panel on the top right is a line chart that illustrates the average reverse repo maturity. The x-axis is months and it runs from January 2021 to mid-July 2022. The y-axis is days and it runs from 0-50 in 5 day increments. The graph is split into two sections, before the revised survey (January 5, 2022) and after. The left area only has one line, represented by the solid black line, that fluctuates between 20-25 days. After the revised survey, represented by a vertical black line at January 5, 2022, four other lines appear. At the time horizon of July 13, 2022, the highest is GCF, represented by a dotted red line. Its average maturity trends upwards (though not steadily). It starts with an average maturity of around 25 days and increases up to 35 days. The next longest maturity is uncleared bilateral, represented by a longer-dashed blue line. It hovers around 23 days. The next longest maturity is the overall average, the solid black line that began in 2021, at around 20 days. The next longest maturity is cleared bilateral, represented by a dot-dash green line that trends downwards from approximately 15 to 10 days. The shortest maturity is tri-party (excluding GCF), represented by the dashed orange line and it remains at around 2 days.

The panel on the bottom left is a line chart that illustrates the average repo maturity for Treasury collateral (Treasury securities and TIPS). The x-axis is months and it runs from January 2021 to mid-July 2022. The y-axis is days and it runs from 0-50 in 5 day increments. The graph is split into two sections, before the revised survey (January 5, 2022) and after. The left area only has one line, represented by the solid black line, that fluctuates around 11 days. After the revised survey, represented by a vertical black line at January 5, 2022, four other lines appear. At the time horizon of July 13, 2022, the highest is GCF, represented by a dotted red line. Its average maturity trends upwards. It starts with an average maturity of below 20 days and increases to almost 40 days. The next longest maturity is cleared bilateral, represented by a dot-dash green line. It starts just above 10 days, by April increases to under 20 days, until July when it decreases to 15 days. The next longest maturity by a margin is uncleared bilateral, represented by a longer-dashed blue line. It is on top of the overall average, the solid black line that began in 2021, at around 11 days. The lowest line is tri-party (excluding GCF), represented by the dashed orange line and it remains at around 5 days.

The panel on the bottom right is a line chart that illustrates the average reverse repo maturity for Treasury collateral (Treasury securities and TIPS). The x-axis is months and it runs from January 2021 to mid-July 2022. The y-axis is days and it runs from 0-50 in 5 day increments. The graph is split into two sections, before the revised survey (January 5, 2022) and after. The left area only has one line, represented by the solid black line, that fluctuates around 20 days. After the revised survey, represented by a vertical black line at January 5, 2022, four other lines appear. At the time horizon of July 13, 2022, the highest is GCF, represented by a dotted red line. Its average maturity trends upwards. It starts with an average maturity of around 20 days and increases to almost 40 days. The next longest maturity is uncleared bilateral, represented by a longer-dashed blue line, it follows the same movements as the overall average (the solid black line) but is above it at 20 days. The overall average is 2 days below at 18 days. The next longest maturity is cleared bilateral, represented by a dot-dash green line. It starts just above 15 days, by April increases to 20 days, until it steadily decreases until 12 days. The lowest line is tri-party (excluding GCF) represented by the dashed orange line and it generally stays at around 1-2 days.

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Figure 8. TBA and Specified Pool RMBS Positions

Figure 8 presents 2 panels.

The panel on the left is a line chart that illustrates dealers’ gross positions in TBA and specified pools of RMBS. The x-axis is months and runs from January 2022 to mid-July 2022. The y-axis is US dollars (billions) and it runs from 0-400 in 50 increments. There are 4 lines on the chart. The highest line is TBA shorts, represented by a thick dotted red line, and it fluctuates between $220 and $275 billion. The next line is specified pools long, represented by the thin solid blue line, which fluctuates around $200 billion. The following line is TBA long, represented by a thick solid red line, at around $75 billion. The last line is specified pools short, represented by a thin dotted blue line, which is just marginally above $0.

The panel on the right is a line chart that illustrates dealers’ net positions in TBA and specified pools of RMBS. The x-axis is months and runs from January 2022 to mid-July 2022. The y-axis is US dollars (billions) and it runs from −300-300 in 100 increments with a horizontal dashed black line at 0. There are 2 lines on the chart. The top line is net specified pools positions, represented by a thin blue line, which fluctuates around $200 billion. The bottom line is net TBA positions, represented by the thick red line, which fluctuates around −$200 billion.

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Figure 9. TBA and Specified Pool RMBS Transactions

Figure 9 presents 2 panels.

The panel on the left is a line chart that illustrates transactions in TBA and specified pools of RMBS. The x-axis is months and runs from January 2022 to mid-July 2022. The y-axis is US dollars (billions) and it runs from 0-600 in 100 increments. There are 2 lines on the chart. The top line is transactions in the TBA market, represented by a thick solid red line, that exhibits large swings between $200 and $400 billion. The bottom line is transactions in specified pools, represented by the thin solid blue line, that exhibits milder fluctuations—with a pattern similar to TBA transactions—between $10 and $50 billion.

The panel on the right is a line chart that illustrates transactions in TBA and specified pools of RMBS, separated by cash and dollar-roll transactions. The x-axis is months and runs from January 2022 to mid-July 2022. The y-axis is US dollars (billions) and it runs from 0-400 in 50 increments. There are 3 lines on the chart. The top line is cash transactions in the TBA market, represented by a thick dashed red line, that exhibits large swings between $100 and $200 billion. The next line is dollar roll transactions in the TBA market, represented by the thick dotted red line, which also exhibits large fluctuations—with a pattern similar to cash-TBA transactions—between $50 and $150 billion. The bottom line is cash transactions in specified pools, represented by the thin dashed blue line, that exhibits milder fluctuations—with a pattern similar to the other two lines—between $10 and $50 billion.

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Figure 10. Federal Agency and GSE MBS Gross Borrowing, Net Borrowing, and Net Positions

Figure 10 presents 2 panels.

The panel on the left is a stacked area chart that illustrates dealers’ Federal Agency and GSE MBS (Residential MBS and Commercial MBS) borrowing. The x-axis is months and it runs from January 2021 to mid-July 2022. The y-axis is US dollars (billions) and it runs from 0-600 in increments of 100. The graph is split into two sections, before the revised survey (January 5, 2022) and after. The left area, represented in gray, is the total volume of MBS securities out. The trend starts at $550 billion before decreasing in April and fluctuating around $400 billion. After the revised survey, represented by a vertical black line at January 5, 2022, the total is split into two sections. The top section, represented by red, is CMBS (GSE Commercial MBS) which has a volume of under $10 billion. The bottom section, represented by blue, is RMBS (GSE Residential MBS) which has a volume of approximately $375 billion.

The panel on the right is a line chart that illustrates dealers’ net borrowing and net position of Federal Agency and GSE MBS (Residential MBS and Commercial MBS). The x-axis is months and runs from January 2022 to mid-July 2022. The y-axis is US dollars (billions) and it runs from 0-300 in increments of 50. The top line, represented by a solid black line, is net borrowing. It ranges from $170 billion to $240 billion, averaging just under $200 billion. The lower line, in solid red, is net position. It ranges between $20 billion and $40 billion and averages at around $30 billion.

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