On its January 31 balance sheet, the Fed had $2,436 billion of Treasuries; on today's balance sheet, $2,424 billion: a $12 billion drop for February. On target! In total, since the beginning of the QE Unwind, the balance of Treasuries has dropped by $42 billion, to hit the lowest level since August 6, 2014


This Fed isn't going to try to bail out every whiner on Wall Street. It has been clear about that. It won't take Wall-Street whining seriously until credit starts freezing up -- and the credit markets are far away from that.

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