Balance sheet

Treasuries held are skyrocket.  Excess reserves to cover that has stopped growing.  The interest expense on that uncovered Treasury debt is seigniorage, passed down to the middle class as bank fees and spreads and loan restrictions.

This is looking like the equivalent of a 200 billion regressive tax. Keynesians conveniently forget that, but the retail end of banking has been rolling up, it cannot afford these fees.