My only thought is this. What the hell is the Fed afraid of? I think we know. More in upcoming Liquidity Trader Reports this week. – Lee
At its meeting on July 30-31, 2019, the Federal Open Market Committee decided to conclude the reduction of aggregate securities holdings in the System Open Market Account two months earlier than previously indicated. The FOMC directed the Open Market Trading Desk at the New York Fed to roll over at auction all principal payments from the Federal Reserve’s holdings of Treasury securities and to reinvest all principal payments from the Federal Reserve’s holdings of agency debt and agency mortgage-backed securities effective August 1, 2019.