1.15. As shown in Figure 30-9, on September 5, 2007, about 90% of the Federal Reserve’s assets were made up of U.S. Treasury bills. However, on September 3, 2008, only 53% of the Federal Reserve’s assets were made up of U.S. Treasury bills. Go to www.federalreserve.gov. Under “Recent 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 “5. Statement of Condition of Each Federal Reserve Bank,” look in the “Total” column. What is the amount displayed next to “Assets”? What is the amount displayed next to “U.S. Treasury”? 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 on September 5, 2007, which was a fairly typical day, or does the Fed still own a large number of other assets, as it did on September 3, 2008, when it was responding to a crisis on Wall Street?