ECB balance sheet discussion

  • As of November 19, the ECB's balance sheet reached €8.44 trillion. 

  • Converted to US dollars that's $9.52 trillion.

  • Pre-Covid, the ECB's balance sheet was €4.70 Trillion.

Fed's balance sheet 

Chart

Fed balance sheet discussion

  • As of November 24, the Fed's Balance Sheet totaled $8.68 trillion. 

  • Starting April 2021 the Fed was simultaneously doing QE (Balance Sheet Expansion) and Reverse Repos (Balance Sheet Contraction)

  • The current weekly average in Reverse Repos is $1.55 trillion effectively making the true balance sheet total $7.13 trillion. 

ECB vs Fed balance sheet comparison 

  • ECB: €8.44 trillion, $9.52 trillion.

  • Fed: $7.13 trillion.

  • ECB Expansion Since Start of Pandemic: €3.74 trillion, $4.22 trillion.

  • Fed Expansion Since Start of Pandemic: $2.97 trillion.

What About Japan and China?

Chart

The above numbers from Yardeni are a bit stale and do not account for reverse repos. 

Nonetheless, the chart displays an important idea. 

Grand Total, FED, ECB, BOJ, PBOC

Central Bank

Combined QE total

Given the numbers are a bit stale, it's safe to say the combined QE total is now well over $31 trillion.

Congrats Central Bankers!

And also factor in trillions of dollars of stimulus in the US, unknown amounts elsewhere, and a huge supply chain mess everywhere. 

Inflation

Add it all up and you get inflation. 

So why was the price of Thanksgiving up? 

"Americans are paying record high prices for their Thanksgiving turkey while big poultry companies are paying billions in dividends, giving CEOs raises & earning huge profits. These companies are abusing their market power. I’m asking DOJ to investigate."

This material is based upon information that Sitka Pacific Capital Management considers reliable and endeavors to keep current, Sitka Pacific Capital Management does not assure that this material is accurate, current or complete, and it should not be relied upon as such.

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