Here’s a table of today’s Fed QE purchases, but this isn’t the whole story. What happened yesterday, that nobody reported, is.
| Operation Date | Operation Type | Total Par Amt Accepted (mlns) | Total Par Amt Submitted (mlns) | Submitted /Accepted |
| 04/16/2020 | Outright TIPS Purchase | $3,500 | $7,066 | $2.02 |
| 04/16/2020 | Outright Coupon Purchase | $4,000 | $7,810 | $1.95 |
| 04/16/2020 | Outright Coupon Purchase | $15,000 | $39,448 | $2.63 |
| 04/16/2020 | Outright Coupon Purchase | $5,000 | $14,419 | $2.88 |
| Total | $27,500 |
The Fed also bought $13 billion in MBS. These were forward purchase contracts that do not settle until May 31-20, which means that the cash won’t be in dealer accounts until then.
There were no MBS settlements today. However, $116 billion in MBS past purchases settled yesterday, April 15.
Given the size of this cash infusion, the Fed and dealers must be disappointed and concerned at the lack of movement in stocks over the past 2 days. The yield on the 10 Year Treasury did respond, falling 13 basis points to 0.62% since Tuesday.
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