FED Balance Sheet - Ex-Shadow Operations / Ex- FASB 56

Run-Off...

The only thing running is Bids for MBS and USTs.

After an aggressive May 25th, $51 Sell ahead of
the June 15th Taper was stopped dead in its tracks.

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Imagine swimming in the middle of the vast Pacific Ocean.

Bumping into Flotsom and Jetsom every so often.

It's lonely out there...

Nowhere to run.

Paddle?

You'd need a Lifeboat.

It Sunk.

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