The Fed's balance sheet increased by $4T. Federal deficit was $3.1T Bank lending for mortgage originations increases M1 - this increased by over $1T. Total =

The Fed's balance sheet increased by $4T. Federal deficit was $3.1T Bank lending for mortgage originations increases M1 - this increased by over $1T. Total = $8.1T Since the Fed bought most of the government's debt, though, a lot of that $3.1T government deficit should be included in the $4T balance sheet increase of the Fed. So this could possibly only account for half of it. I'm not sure. Other personal debt (which includes auto loans) isn't even up another $1T. Margin debt in stocks is up $260Bn. Anyone else know what the rest is?