As shown in Figure 16-9, the portion of the Federal Reserve’s assets made up of U.S. Treasury bills has declined since 2007. Go to www.federalreserve.gov.

Under “Select Statistical Releases,” click on “All Statistical Releases.” Under the heading “Money Stock and Reserve Balances,” click on “Factors Affecting Reserve Balances.” Click on the date of the current release.

a. Under “Statement of Condition of Each Federal Reserve Bank,” look in the “Total” column. What is the amount displayed next to “Total assets”? What is the amount displayed next to “U.S. Treasury securities”? What percentage of the Federal Reserve’s total assets are currently made up of U.S.

Treasury bills?

b. Do the Federal Reserve’s assets consist primarily of U.S. Treasury securities, as they did in January 2007, the beginning of the graph in Figure 16-9, or does the Fed still own a large number of other assets, as it did in mid-2011, the end of the graph in Figure 16-9?