My estimates included this change in structure because I accounted for those declines. The window dressing from the Fed made it sound less extreme, but make no mistake, the Fed is working full time to expand our money supply. That is what the foreign central banks are so upset about because they hold dollars in the form of Treasuries that will be diluted as the dollar weakens from printing money to buy the Treasuries.
The Fed says that it is doing this to help the economy through lower rates intended to increase business borrowing and to lower unemployment. That is also a deception because evidence shows that such programs will not have much effect on unemployment. The real reason is to bail out the deficit of the federal government – a deficit that is too big to be bought by the traditional buyers, which for many years were the foreigners.