Analysis of the Fed's liabilities The liabilities of the Federal Reserve include: (1) cash in circulation; (2) reverse repurchase agreements; (3) deposits; (4) funds in transit; (5) capital injections by the Treasury Department of credit facilities; and payable dividends. Next, let's analyze the main subjects of the Fed's liability side: 1. Cash in circulation Before the start of QE in 2008, the cash in circulation accounted for about 90% of the total liabilities of the Federal Reserve, and it w
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