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The Fed’s liquidity crisis

The below chart from Paul Swartz - via Brad Setser - at the Council on Foreign Relations:

Fed balance sheet

The amazing thing about this graph is that it doesn’t capture all the credit central banks extended to the financial system last week.

Just who exactly, is the Tarp bailing out?

Related links
Helicopter Ben - FT Alphaville
A Tarp forensic: Fed funds rate - FT Alphaville