by Wolf Richter
Wolf Street
Fed shifts to propping up consumption by businesses and governments, and away from propping up asset prices.
The Fed added some assets and shed other assets, and the net effect on the balance sheet for the week ended July 1, released Thursday afternoon, was that total assets dropped by $76 billion, after having dropped by $12 billion a week ago, and by $74 billion two weeks ago. That three-week drop of $163 billion was far faster than any three-week decline during the official QE unwind from late 2017 into 2019: