The Fed pulled the plug on Wednesday, draining a net of $9.5 billion by adding only $1.75 billion in overnight repos against expirations of $11.25 billion. I have no clue yet why they would have taken such a draconian step at this point, but for whatever reason, they have now drained the SOMA down to the absolute bottom of the 5 % growth channel. Click here to download complete report in pdf format (Professional Edition Subscribers).
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