The Treasury began its massive paydowns starting with $11 billion on the weekly bills today, to be followed by another $32 billion in net payoffs of Cash Management bills tomorrow. The Fed not only did not drain any of that off, they added a net of $3.3 billion via $9 billion in 14 day repos and $7.25 billion in 4 day repos, plus $1.329 billion in an outright coupon purchase, against $14 billion in expirations. The pigmen let out a “Huzzah!” and shouted, “Let’s get this party started!” Click here to download complete report in pdf format (Professional Edition Subscribers).
Try the Professional Edition risk free for thirty days. Unbundled subscription service packages starting from as low as $39! Click here for more information.
