Fed Balance Sheet in 2019
Fed Balance Sheet opened 2019 at $4.06T and closed at $4.17T, a +2.64% move for the year. The high of $4.17T was reached on December 25, and the low of $3.76T on August 28.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | $4.06T | $4.04T | $4.06T | $4.04T | -0.46% |
| Feb | $4.03T | $3.97T | $4.03T | $3.97T | -1.29% |
| Mar | $3.97T | $3.96T | $3.97T | $3.96T | -0.34% |
| Apr | $3.94T | $3.93T | $3.94T | $3.93T | -0.18% |
| May | $3.89T | $3.85T | $3.89T | $3.85T | -0.98% |
| Jun | $3.85T | $3.83T | $3.85T | $3.83T | -0.54% |
| Jul | $3.81T | $3.78T | $3.82T | $3.78T | -0.89% |
| Aug | $3.78T | $3.76T | $3.79T | $3.76T | -0.57% |
| Sep | $3.76T | $3.86T | $3.86T | $3.76T | +2.56% |
| Oct | $3.95T | $4.02T | $4.02T | $3.95T | +1.88% |
| Nov | $4.04T | $4.05T | $4.05T | $4.03T | +0.33% |
| Dec | $4.07T | $4.17T | $4.17T | $4.07T | +2.46% |
Events During 2019
Overnight repo rates spiked from 2% to 10% on September 17, 2019, forcing the Fed to intervene with its first open market operations since 2008. The episode revealed structural strains in US money markets that persisted into 2020.
Hong Kong's 2019 protests over an extradition bill and Beijing's 2020 National Security Law reshaped the territory's role as Asia's financial hub. Capital outflows, reduced multinational presence, and regulatory divergence from the West had durable effects on regional finance.
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