A second glance

From yesterday, base money during the Quantitative Easings:

Graph 1: Base Money

Well, you'd think something must have happened because of all that QE money, right?

Something did happen. The money got added to excess reserves. Graph #2 shows base money in blue, as above, and excess reserves in red:

Graph #2: Base Money and Excess Reserves

Or again, base money in blue. And in red, base money with excess reserves removed:

Graph #3: Base Money less Excess Reserves (in red)

Base money less excess reserves shows a gradual uptrend. Almost like normal growth.


Finally, for the same period, excess reserves as a portion of base money:

Graph #4: Excess Reserves relative to Base Money

The more they expand base money, the more it sits idle.