Quick Take

The Fed balance sheet has shrunk for the fourth consecutive week — totaling $141 billion.
In addition, the fed balance has reversed 36% of the post-SVB liquidity injections — which contributed to $392 billion.
Quantitative tightening and liquidity drained from the system continue as the Fed grapples with inflation.
Meanwhile, the Fed discount window and Bank Term Funding Programme turned higher in the latest week — to a combined $143.9 billion from $139.5 billion.

Fed Balance Sheet: (Source: FRED)
Discount Window and BTFP: (Source: Bloomberg)

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