Highlights
For factors affecting reserve balances at depository institutions, Reserve Bank credit fell back $1.6 billion for the week ended November 25 after surging $75.7 billion the week before.

The decline in Reserve Bank credit was led by an $8.4 billion fall in term auction credit, followed by a $2.5 billion decrease in central bank liquidity swaps, and a $2.4 billion dip in "other" Federal Reserve assets. These declines largely reflect less need of emergency facilities. The Fed, however, kept pumping in liquidity elsewhere as securities held outright rose $11.1 billion of which $9.2 billion was mortgage-backed securities and $1.9 was agency debt. The Fed clearly is still propping up mortgage markets and keeping rates low.

Total assets of all Federal Reserve Banks decreased $2.4 billion in the latest week after jumping $73.8 billion for the week ended November 18. Total assets include holdings by the Fed for non-depository institutions.