"The Fed's Balance Sheet Plunge Signals Slow Growth Ahead"
TL;DR Summary
The Federal Reserve's balance sheet has dropped by $230 billion in the past six weeks, the biggest such plunge in 14 years, due to a big Treasury securities roll-off and the FDIC's loan to JP Morgan. The Discount Window and Bank Term Funding Program have both seen significant drops, while loans to the FDIC have increased. JP Morgan acquired the assets of First Republic from the FDIC, paying $182 billion in different forms, including a $50 billion loan from the FDIC that JPM will have to pay off over five years.
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