The Fed’s balance sheet remained above $7.4tn as the NY Fed frontloaded the fortnight’s asset purchases before the holidays. Pending MBS purchases now total $175bn, which will be settled over the coming months. Usage of 13(3) facilities remains modest ahead of the year-end cessation for certain schemes. There was a last-minute rush to the Main Street program. The deadline was extended by a week. The Treasury’s General Account was nearly $1.6tn, or more than twice the purported target level given by the Treasury. FX swap balances grew, likely consequent to year-end demand.