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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: russwinter who wrote (41244)9/10/2005 1:56:01 AM
From: basho  Read Replies (1) of 110194
 
Russ, first post here.

I've been keeping the FCB holding data for about 2 years so my annual change data only starts in early September last year. It kicked off then at $330 billion and declined pretty steadily to $210 billion in mid-Feb this year. It then went roughly sideways until late July before starting a fresh and steady decline which has taken it to its current $176 billion.

I noticed something kind of interesting, though. For much of the last year non-M2 M3 looks quite strongly inversely correlated to FCB holdings. Could FCB funds be finding their way into this category through large deposits in the banking system? Certainly this is where most of the monetary growth has occurred for quite a while.
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