Historical chart of the total face value of U.S. Treasury securities held by the Federal Reserve
https://s3.kosmos.social/media_attachments/files/112/609/097/000/262/105/original/3f30491a992dec36.png
@lain That's because the Fed's money printer has been going *brrrr* so hard that even petrodollar recycling isn't tipping the scales that much anymore.
The Fed's balance sheet went from ~500 billion USD worth of U.S. Treasuries in 2008 to ~4.5 trillion USD today, and COVID printing more than doubled the amount they owned in 2020.
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