_The Federal Reserve buys and sells securities and sets interest rates. It targets borrowing costs, money creation, price stability, and productivity._

•••

**Latest data:** March 29th 2023

**TLDR:** Last week, the Fed added $314m net to its Treasury security holdings and trimmed $7bn net from its mortgage-backed security (MBS) holdings. The total amount of Reserve Bank credit rose by $38bn net.
- The 10-year Treasury yield rose by 9bp to 3.57%
- The 30-year fixed-rate mortgage fell by 18bp to 6.42%
- The market expects the federal funds rate to peak between 5–5.25%

I also share this weekly update as a [Twitter thread](https://twitter.com/ValuablOfficial/status/1641740837896822785) if you prefer.

•••

**The Federal Reserve buys and sells securities**

![Image upload](https://cdn.commonstock.com/4c2cb55a57270372350b6d57ef7d68d5aea68dc99f29d3b76d3dac3d2eae6c52-900x838.png)

**And sets interest rates**

![Image upload](https://cdn.commonstock.com/87f3a9382a44f87118c502e918e9f4d0f0df60991e8ba538f18d1b9f97022273-900x900.png)

**It targets borrowing costs**

![Image upload](https://cdn.commonstock.com/56a58804b82e47db49c7e0a8501c90a34fda064a534f210a8b66ed47eb9e010b-900x900.png)

![Image upload](https://cdn.commonstock.com/e5ede10b578f08b963fd9f491372d29ecfa1cd53ceac53b055f84fdd42868f9e-900x900.png)

**Money creation**

![Image upload](https://cdn.commonstock.com/90748960159d5d2cffb5a9f5338f94169173b4d2175fafc526acc57b54acc507-900x900.png)

![Image upload](https://cdn.commonstock.com/cf2dc74f115bc154cfab08c99c468fbd19a48103e66fd596e478f626951306f3-900x1172.png)

![Image upload](https://cdn.commonstock.com/1f359a0d58cce223954291f58526eaa0bfb079d8c52c800d72a5e15e1a3edfec-900x900.png)

**Price stability**

![Image upload](https://cdn.commonstock.com/2e4b2d2fe4b914c8d8305b04f92e215fb5e474a83e70080fc84e37d9fb45fd5a-900x986.png)

**And productivity**

![Image upload](https://cdn.commonstock.com/e87dd2d71138ed906bf3b5185000246a5a8fbcd9d768e6446d840f299aef87ae-900x1050.png)

•••

**Sources**
- Fed balance sheet h.4.1 weekly releases - [federalreserve.gov/releases/h41/](https://www.federalreserve.gov/releases/h41/)
- Raw data - [fred.stlouisfed.org](https://fred.stlouisfed.org/)
- My newsletter - [valuabl.substack.com](https://valuabl.substack.com/about)

**Notes**
- I will update this data weekly, usually Friday morning British time
- Let me know in the comments if you would like something changed or added
- I also share this weekly update as a [thread on Twitter](https://twitter.com/ValuablOfficial/status/1641740837896822785) if you prefer that

@valuabl Thanks, Edmund. Mortgage rates still stuck in the range-bound channel.

Todor Kostov

Download, graph, and track 823,000 economic time series from 114 sources.

Federal Reserve Economic Data | FRED | St. Louis Fed

https://twitter.com/ValuablOfficial/status/1641740837896822785

Expert financial analysis in a straightforward style. Helping professional investors make sense of markets and find undervalued stocks. Click to read Valuabl, by Edmund Simms, a Substack publication.

About - Valuabl

The Federal Reserve Board of Governors in Washington DC.

https://www.federalreserve.gov/releases/h41/


            Federal Reserve Board - Federal Reserve Balance Sheet: Factors Affecting Reserve Balances - H.4.1 - Release Dates
        

Fed watch | Credit creation, cause and effect | March 29th 2023

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