Fed TGA (Liability Side) in 2019
Fed TGA (Liability Side) opened 2019 at 382,616 and closed at 351,934, a -8.02% move for the year. The high of 411,384 was reached on January 30, and the low of 130,981 on August 14.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 382,616 | 411,384 | 411,384 | 349,443 | +7.52% |
| Feb | 353,896 | 266,024 | 375,119 | 266,024 | -24.83% |
| Mar | 213,611 | 295,593 | 314,749 | 213,611 | +38.38% |
| Apr | 270,470 | 398,916 | 398,916 | 245,664 | +47.49% |
| May | 368,764 | 249,011 | 368,764 | 249,011 | -32.47% |
| Jun | 207,647 | 240,909 | 258,641 | 173,062 | +16.02% |
| Jul | 220,911 | 176,662 | 220,911 | 176,662 | -20.03% |
| Aug | 133,077 | 150,146 | 150,146 | 130,981 | +12.83% |
| Sep | 174,779 | 305,810 | 305,810 | 174,779 | +74.97% |
| Oct | 335,185 | 400,616 | 400,616 | 297,389 | +19.52% |
| Nov | 378,184 | 358,896 | 378,184 | 357,551 | -5.10% |
| Dec | 338,453 | 351,934 | 378,573 | 304,160 | +3.98% |
Events During 2019
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.
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.
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