The Fed did two repos. That’s unusual for a Wednesday but not surprising given the combined negatives of a massive wave of Treasury settlements over the next 3 days, and yesterday’s market meltdown. The Fed added a net of $9.25 billion to the liquidity pool. It pumped in $10 billion in overnight repos and $7.25 billion in 2 day repos against expirations of $8 billion. The Treasury settles $7.7 billion in 2 and 5 year notes today, and $21 billion in T-bills tomorrow. That’s a big nut for the Fed, considering that it also faces a $21 billion repo rollover. Tomorrow the Treasury auctions $23 billion in CMBs which settle Friday, along with at least $7.25 billion in Fed repos. Ben will have his hands full. Click here to download complete report in pdf format (Professional Edition Subscribers).
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Hey Lee,
I enjoy hearing what your guests have to say on your podcasts but why don’t you figure out how to say about HALF as much as you do.
You need to shut the FUCK up and let your (knowledgable) guests make their points. Listening to your pathetic need to demonstrate to everyone how much you know is excrutiating.
TALK LESS….PLEASE
Rick, while it’s true that Lee and I are constantly interrupting each other, and sometimes the other participants, that’s part of the dynamics that makes the podcast work. I’m just fine with it personally.