Today’s Fed action effectively drains funds from dealer accounts and from the financial markets and tomorrow will be more of the same.
Term and Type: 40-Day Bill
CMB: Yes
High Rate: 0.160%
Total Tendered: $119,378,300,000
Total Accepted: $45,000,125,000
Term and Type: 103-Day Bill
CMB: Yes
High Rate: 0.200%
Total Tendered: $111,606,396,000
Total Accepted: $40,000,110,700
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Treasury issuance will go through the roof over the next 5 days while the Fed has decided to cut back its support. That’s a bad combination.
NYFed treasury securities operations $21.000B Coupon Purchase 2020-04-08
NY Fed treasury securities operations Fed $14.000B Coupon Purchase 2020-04-08
NYFed treasury securities operations $10.000B Coupon Purchase 2020-04-08
NYFed treasury securities operations
$4.346B Coupon Purchase 2020-04-08
Treasury issuance will go through the roof over the next 5 days while the Fed has decided to cut back its support. That’s a bad…