Nothing was "destroyed". Rather, it was rolled over for bidding the next day (or 14 days, depending on the specific operation). It's an important distinction, because until the actual FRB balance sheet unwinds back to the $3.76T level it was in September, it is precisely as OP describes.
The delta of the FRB's balance sheet between Sept and now is 4066-3761 == 305B. It's not 415B, but it's not even remotely close to 0, either. During this period, there has only been a single weekly draw-down. All other weeks have been accumulative, and should be considered QE4 unless and until these operations stop occurring.
The delta of the FRB's balance sheet between Sept and now is 4066-3761 == 305B. It's not 415B, but it's not even remotely close to 0, either. During this period, there has only been a single weekly draw-down. All other weeks have been accumulative, and should be considered QE4 unless and until these operations stop occurring.
Ref: https://www.federalreserve.gov/monetarypolicy/bst_recenttren...