And despite the large purchases of treasuries and GSE backed mortgage securities by the Fed since the start of the crisis, US banks have also increased their holdings of both.
Source: 2014 Q1 Flow of Funds, Table L.109
Monday, June 23, 2014
US Banks' Holdings of Government Obligations
US Depository Institutions now hold, as a percentage of their balance sheets, far more government backed assets (Treasuries + Agencies + GSE backed mortgage securities + municipal securities and loans + reserves at the fed + vault cash) than in recent history.
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