It doesn’t matter because the Fed is a money-printing apparatus designed to make sure the assets of its owners (the banks) and those of the upper class (stocks) remain secure by making sure the rest of us pick up any losses. It’s the primary guarantor of the socialization of losses and privatization of profits.
They don’t ‘print’ it any more, they just poke some numbers on a keyboard and VOILA! A bank now has a hundred million dollars in ‘assets’..........