FCB Prisoner’s Dilemma or Musical Chairs?

One of the stunners I have pointed to of late is the enormous pick up in foreign central bank (FCB) purchases of US securities, especially agencies. The question as to who is doing this and why is a challenging one. And the answer as you will see, is once again perverse. Other than custodial holdings [...]

This entry was posted on December 27, 2006 at 9:31 am and is filed under Today's Markets. You can follow any responses to this entry through the RSS 2.0 feed.