The Fed stepped up to the plate on a day the Treasury was settling $18 billion in new paper. It added a net of $9.25 billion to the liquidity pool with $13 billion in overnight repos against expirations of $3.25 billion. Most of what the Fed didn’t finance in the new Treasuries was absorbed by the FCBs. So the market sailed through the first half of the day waiting for the Fed announcement as if it didn’t have a care in the world. Click here to download complete report in pdf format (Professional Edition Subscribers).
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