Fed Balance Sheets Down $20.6 B, Treasuries $8.6B

The Fed rolled $20.6 billion off its balance sheet this past week, $8.6 billion in Treasuries and $14.0 billion in MBS. This leaves about $11 billion in assets to go in May. There's another substantial amount of Treasuries maturing on May 31.

This week the S&P 500 diverged from the Fed balance sheet although the treasuries rolled off on Tuesday (the Fed publishes the maturity of Treasuries here: System Open Market Account (SOMA) Holdings of Domestic Securities and that was a sizable down day for the market, for what it's worth.

Bonus chart: the S&P 500 versus all commercial bank assets.