Fed Bal Sheet

The Fed balance sheet contracted last week. But that's not what raised an eyebrow, this did.

The Fed had about $69.5 B in carry "profits" to remit to the Treasury Dept this year. 2 new Dodd/Frank agencies are reaping the benefit- The Office of Financial research received $42m vs $11m last year and the Consumer Protection Agency (sorry Liz) has received ...wait for it..$249m vs $147m last year !! QE is financing new regulatory bureaucracy.

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