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The Fed's other trillion dollar problem
The amount of money banks have at the Fed recently reached 13 digits, for the first time ever. U.S. banks now have $1 trillion at the Federal Reserve. It's far more than they have ever had before, and it could be a big problem. And it's a new one. Before the financial crisis, the amount of cash banks kept idle at the Fed rarely topped $25 billion, which in terms of a multi-trillion dollar banking system is peanuts. But shortly after the start of the financial crisis, as a move to help the banks and save the economy (or perhaps the other way around), the Fed began paying interest on money banks deposited at the Fed. ... (full story)
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