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Central Banks:

Monthly Balance Sheets

Yardeni Research, Inc.

September 2, 2020

Dr. Edward Yardeni

516-972-7683 eyardeni@yardeni.com

Mali Quintana

480-664-1333 aquintana@yardeni.com

Please visit our sites at www.yardeni.com blog.yardeni.com

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Total Assets of Major Central Banks

1-4

PBOC

5

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2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 .5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 7.5 8.0

.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 7.5 8.0

MAJOR CENTRAL BANKS: TOTAL ASSETS

(trillion dollars, nsa)

BOJ (Aug=6.4) ECB (Aug=7.6) Fed (Aug=7.0)

PBOC (Jul=5.1)

Source: Haver Analytics.

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Figure 1.

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 3 5 7 9 11 13 15 17 19 21 23 25 27 29

3 5 7 9 11 13 15 17 19 21 23 25 27 29

Jul

MAJOR CENTRAL BANKS: TOTAL ASSETS

(trillion dollars, nsa)

Total of

Fed, ECB, BOJ, & PBOC (25.6)

Source: Haver Analytics.

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Figure 2.

Total Assets of Major Central Banks

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2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 -10 0 10 20 30 40 50 60

-10 0 10 20 30 40 50 60

Jul

MAJOR CENTRAL BANKS: TOTAL ASSETS OF FED, ECB, BOJ, & PBOC

(yearly percent change)

Latest (31.4)

Source: Haver Analytics.

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2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 -20 0 20 40 60 80

-20 0 20 40 60 80

Aug

MAJOR CENTRAL BANKS: TOTAL ASSETS OF FED, ECB, & BOJ

(yearly percent change)

Latest (46.7)

Source: Haver Analytics.

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2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 20 40 60 80 100 120 140

0 20 40 60 80 100 120 140

TOTAL ASSETS OF MAJOR CENTRAL BANKS

(as a percent of local currency nominal GDP)

BOJ (Q2=125.4) ECB (Q1=40.5) Fed (Q2=34.5)

PBOC (Q2=36.0)

Source: Haver Analytics.

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Figure 5.

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23

600 800 1000 1200 1400 1600 1800 2000 2200 2400 2600 2800 3000 3200 3400 3600

QE1 QE1+

QE2 QE3

QE3+ QT RM

QE4

S&P 500 & ASSETS OF MAJOR CENTRAL BANKS

9/2

S&P 500 Index

Total Assets of Fed, ECB, BOJ (in dollars)

Note: QE1 (11/25/08-3/31/10) = $1.24tn in mortgage securities; expanded (3/16/09-3/31/10) = $300bn in Treasuries. QE2 (11/3/10-6/30/11) = $600bn in Treasuries. QE3 (9/13/12-10/29/14) = $40bn/month in mortgage securities (open ended); expanded (12/12/12-10/1/14) = $45bn/month in Treasuries. QT (10/1/17-7/31/19) = balance sheet pared by $675bn. RM (11/1/19-3/15/20) = reserve management, $60bn/month in Treasury bills. QE4 (3/16/20-infinity). Source: Federal Reserve Board, Standard & Poor’s and Haver Analytics.

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Figure 6.

Total Assets of Major Central Banks

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08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 6 8 10 12 14 16 18 20 22 24 26 28 Jul

TOTAL ASSETS OF MAJOR CENTRAL BANKS

(all in trillions of US dollars)

Total

Assets* (25.6)

08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 1.9 2.8 3.7 4.6 5.5 6.4 7.3 8.2 Aug ECB (7.6)

08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 .6 1.4 2.2 3.0 3.8 4.6 5.4 6.2 7.0 7.8 8.6 Aug Fed (7.0)

08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 2.2 2.7 3.2 3.7 4.2 4.7 5.2 5.7 6.2 Jul PBOC (5.1) yardeni.com

08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 .8 1.2 1.6 2.0 2.4 2.8 3.2 3.6 4.0 4.4 4.8 5.2 5.6 6.0 6.4 6.8 Aug BOJ (6.4)

*Includes Fed, ECB, Bank of Japan, and PBOC. Source: Haver Analytics.

08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 3 5 7 9 11 13 15 17 19 21 23 25 Aug Total

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2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 .1 .6 1.1 1.6 2.1 2.6 3.1 3.6 4.1 4.6 5.1 5.6 6.1

.1 .6 1.1 1.6 2.1 2.6 3.1 3.6 4.1 4.6 5.1 5.6 6.1

Jul

PBOC ASSETS

(trillion dollars, nsa, ratio scale)

Total Assets (5.1)

Foreign Exchange Assets (3.0) Nongold International Reserves Held by China (IMF data) (3.2)

Source: People’s Bank of China and IMF.

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Figure 8.

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 35 40 45 50 55 60 65 70 75 80 85

35 40 45 50 55 60 65 70 75 80 85

Jul

PBOC ASSETS

(percent)

Foreign Exchange Held/ Total PBOC Assets

Source: People’s Bank of China and IMF.

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Figure 9.

PBOC

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2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 .6 1.4 2.2 3.0 3.8 4.6 5.4 6.2 7.0 7.8

.6 1.4 2.2 3.0 3.8 4.6 5.4 6.2 7.0 7.8

Aug

TOTAL ASSETS

Fed

(trillion dollars) (7.0)

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 1 2 3 4 5 6 7

1 2 3 4 5 6 7

Aug

ECB

(trillion euros) (6.4)

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 100 200 300 400 500 600 700 800

100 200 300 400 500 600 700 800

Aug

BOJ

(trillion yen) (682.9)

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 15 20 25 30 35 40 45

15 20 25 30 35 40 45

Jul

PBOC

(trillion yuan) (35.8)

Souce: Haver Analytics.

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