Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
United States 07 07 - Central bank financing government USD 2,321,014,000,000 2,321,014,000,000 US Treasury. fsapps.fiscal.treasury.gov/dts/issues (accessed 26 June 2020).

As of end of July 2020, the total increase in Treasury liabilities held by the Federal Reserve since end of February (USD1.739 trillion) was about USD380 billion less than total government deficits during March/April/May/June (USD2.119 trillion, as reported in measure 05 above); the US Treasury's deposit balances held in accounts at the Federal Reserve have increased a total of USD1,269.132 billion since the end of February 2020. [update]

United States 07A 07A - Direct lending and reserve drawdown USD 95,653,000,000 95,653,000,000 US Treasury. fsapps.fiscal.treasury.gov/dts/issues (accessed 26 June 2020).

(i) On 22 May 2020, USD40.375 billion, or 85% of the US Treasury's first-loss positions in the CPFF, PMCCF, and SMCCF currently allocated on the Federal Reserve's balance sheet, were invested by the Federal Reserve in non-marketable Treasury securities, appearing as a "Domestic Series" transaction in Table III-A of the US Treasury's daily financial statement; (ii) On 29 May 2020, USD14.829 billion, or 85% of the US Treasury's first-loss position in the MLF currently allocated on the Federal Reserve's balance sheet, were invested by the Federal Reserve in non-marketable Treasury securities, appearing as a "Domestic Series" transaction in Table III-A of the US Treasury's daily financial statement; (iii) On 8 June 2020, USD31.875 billion, or 85% of the US Treasury's current allocation of its first-loss position on the Federal Reserve's balance sheet, were invested by the Federal Reserve in non-marketable Treasury securities, appearing as a "Domestic Series" transaction in Table III-A of the US Treasury's daily financial statement; (iv) On 19 June 2020, USD8.5 billion, or 85% of the US Treasury's current allocation of its first-loss position for TALF on the Federal Reserve's balance sheet, were invested by the Federal Reserve in non-marketable Treasury Securities, appearing as a "Domestic Series" transaction in Table III-A of the US Treasury's daily financial statement; (v) as of 30 September 2020, the end of the 2020 fiscal year, the total non-marketable "Domestic Series" debt issuance to the SPVs was USD95.625, plus an additional USD28 million in interest on this debt that has been rolled over into Domestic Series issues, for a combined total of USD95.653 billion that is the peak value since the CARES Act authorizations; (vi) Since 1 October 2020, USD5.003 billion was redeemed, while USD10 million was added via interest, for a total decline from the peak value of USD4.999 billion [update]; (vii) As of the Fed's 6 January 2021 weekly publication of its balance sheet, the US Treasury's equity positions in the Fed's SPVs has declined by half, from USD114 billion to USD72 billion; similarly, the amount invested by the SPVs into non-marketable, domestic series Treasury Securities has declined by USD30.201 billion to USD66.468 billion, with the difference from the peak value being due to interest earned and reinvested in the securities;

United States 07B 07B - Secondary purchase: government securities USD 2,225,361,000,000 2,225,361,000,000 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 16 April 2020). Federal Reserve. https://www.federalreserve.gov/releases/h41/current/ (accessed 26 June 2020).

(i) No amount/estimate: 15 March 2020, The Federal Reserve restarted quantitative easing with the purchase of Treasuries; (ii) 6 January 2021, the Federal Reserve currently owns USD4,699.421 billion in US Treasuries, which is an increase of USD2,225.361 billion over the USD2,474.06 billion it owned at the end of February; the total increased is composed of an additional USD45.5 billion in T-bills, an additional USD1,978.363 billion in T-notes and T-bonds, and an additional USD201.495 billion in inflation indexed securities; these are all peak values [update]