Here is the latest update to information on what is on the Fed's balance sheet. There are some words at the beginning of the release about the unwinding of the relationship between AIG and the New York Fed, and that shows up in several places on the balance sheet. On the asset side, the QE2 asset purchases continue, with an increase in long-maturity Treasuries of about $27 billion during the past week. Mortgage-backed securities (MBS) are now running off at a slower rate than previously, presumably because of the increases in mortgage interest rates. The reduction in MBS was about $3 billion, so the net increase in securities held outright is $23 billion from the previous week - a rate higher than the monthly target of $75 billion in net purchases. In spite of that, with all the AIG action, total assets actually went down in the week by $16 billion.
Then, on the liabilities side, the balance in the Treasury's general account (which I have discussed here and in other posts) fell by $30 billion, which would increase the stock of outside money in private hands. However, on net, particularly given the transactions with AIG, the result is that the net increase in outside money is small: $280 million in currency and $5 billion in reserves.
As has been the case since the beginning of the QE2 program, the effects of the program have only been to lower the average duration of the consolidated government liabilities held by the private sector. Other factors - movements of reserves to Treasury accounts, and the unwinding of Fed credit programs - have acted to hold down the growth in outside money. When Bernanke said in his 60 Minutes interview that QE2 was not about printing money, that sounded out of context, or misleading, but apparently he was (perhaps unintentionally) correct (so far).