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

Return to Figure 1

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

Return to Figure 1

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