ECB joins global central banks in balance sheet expansion YTD

Quick Take

• Central banks talk a tough game regarding quantitative tightening, but in 2023, we are seeing balance sheet expansion (quantitative easing).
• The new fed programs may not be directly QE related, but we see significant balance sheet expansion from the Fed, People’s Bank of China, and the European Central Bank.
• ECB is now the latest central bank to have a positive balance sheet YTD, +0.16%, back-to-back weeks of expanding the balance sheet.
• In the case of the ECB, they are taking more from credit lines from the Fed.
• They join the People’s Bank of China (PBoC) +1.39% and the Fed +2.66%, in terms of balance sheet expansion.
• Bank of Japan also makes up the top 4 central banks; the balance sheet is only -0.12%. It was up +4% the week prior.
• Bitcoin is up 70%, year to date, as CryptoSlate has previously analyzed Bitcoin as a liquidity indicator.

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