FOMC Minutes: No Asset Sales Until After First Rate Hike

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Wed, 05/19/2010 - 14:16 | 361181 hedgeless_horseman
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No asset sales until after first rake hike, except for gold:   Gold Price Change due to Weakening of US Dollar +14.40   Gold Price Change due to Predominant Selling -47.30   Gold Price: Total Change -32.90
Wed, 05/19/2010 - 14:17 | 361197 WaterWings
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Check out this weird chart on the USD Index over at www.321gold.com :

http://www.weblinks247.com/indexes/idx24_usd_en_2.gif

Can anyone explain that?

Wed, 05/19/2010 - 14:23 | 361218 Debtless
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a glitch in the matrix.

Wed, 05/19/2010 - 15:04 | 361359 Tarheel
Tarheel's picture

fat finger...no wait, its a dissolved hedge fund... no wait...

Wed, 05/19/2010 - 15:11 | 361378 faustian bargain
faustian bargain's picture

phantom flash crash in the currency market?

Wed, 05/19/2010 - 14:13 | 361182 kaiten
kaiten's picture

No sales?, no surprise. Who would buy that junk, anyway.

Wed, 05/19/2010 - 14:18 | 361200 Panafrican Funk...
Panafrican Funktron Robot's picture

They sound pretty confident that nothing is going to come out of the audit.

Wed, 05/19/2010 - 14:27 | 361227 macfly
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I'm sure that they know an audit is possible, so the paper shedders and remote disc erasers have been working overtime to make sure they seem as clean as possible. The tungsten in Fort Knox may be harder to fake, but then again it depends who they bribe to do that audit!

Wed, 05/19/2010 - 14:21 | 361211 trillion_dollar...
trillion_dollar_deficit's picture

ZIRP4EVA

Wed, 05/19/2010 - 14:22 | 361214 Debtless
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It doesn't really matter anyway, the oil blob will kill us all before rates go anywhere..

Wed, 05/19/2010 - 14:23 | 361216 Sudden Debt
Sudden Debt's picture

Tomorrow it's option experation day! :)

It's going to be a bloodbath!!

Wed, 05/19/2010 - 15:57 | 361224 Assetman
Assetman's picture

The Fed's balance sheet may double from here before we begin to see asset sales, you know, since Europe is likely to export deflation in tsunami fashion to the rest of the world.

When one thinks about it (and I try not to), a majority of the Federal Reserve's balance sheet is in derviatives-- backed by an asset with questionable value-- and secured by the full faith and credit of propped up quasi-governmental housing agencies.

That should make us all feel nice and cozy, now shouldn't it?

Wed, 05/19/2010 - 14:31 | 361238 HarryWanger
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And the Fed is finally telling us they're concerned about Greece having an effect on global and US economies. Also mentioned housing as a concern. This report should help take us back to the lows by the close. There was nothing but fear in it from what I read.

Wed, 05/19/2010 - 14:34 | 361250 wiskeyrunner
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If Rand Paul runs for president in 2012 the Federal Reserve will crash the markets, bet on it.

Wed, 05/19/2010 - 14:37 | 361256 PeterSchump
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Harry, stop talking your book.

 

And back to the topic of this post.  It makes perfect sense not to sell any of the assets until rate hikes begin.  That way the will be worth even less, and the taxpayers can get fleeced even more.

Wed, 05/19/2010 - 14:45 | 361280 HarryWanger
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My point is, there was absolutely nothing positive in those minutes, including the sale of assets. Market is acting accordingly.

Wed, 05/19/2010 - 14:49 | 361301 tmosley
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lol, people don't even read Harry's posts anymore.  FYI he seems to have turned negative.

Wed, 05/19/2010 - 14:42 | 361258 PeterSchump
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<delete double post>

Wed, 05/19/2010 - 14:55 | 361317 LeBalance
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So Ben and the subsequent Chairmen will vow not to have haircuts until the first FED ass(et) sale?  The position now has hair regs. /lol/

Wed, 05/19/2010 - 14:59 | 361335 nevadan
nevadan's picture

Now it is official.  The Fed is going to do something sooner or later.  And that is a definite maybe.

Wed, 05/19/2010 - 15:01 | 361341 joebren
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they're waiting for those assets to drop to 10 cents on the $ from the current 30 cents before selling. These are smart guys.

Wed, 05/19/2010 - 15:01 | 361343 Quinvarius
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I don't believe this for one second.  Unless, by after the first rate hike, they mean 30 years after the first rate hike.

Wed, 05/19/2010 - 15:08 | 361366 TooBearish
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Wasted ink - asset sales in a deflationary spiral where the few Ms we can monitor are down YOY what a joke?!...ZRIP forever!

Wed, 05/19/2010 - 15:18 | 361393 youngandhealthy
youngandhealthy's picture

Give me a break...why on earth should they start sell before they rise the FED fund trgt? The whole strategy is to "diversify cost transformation". If you are judge and jury...you are!

A snag is Merkel and JCT

Wed, 05/19/2010 - 15:18 | 361398 Miyagi_san
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100 mill in WFC warrants should help...Oh Wait, they want $6.50 

Wed, 05/19/2010 - 23:00 | 362208 Grand Supercycle
Grand Supercycle's picture

 

EURUSD buying support is still evident.

Daily chart is now extremely oversold, will post a chart soon.

http://stockmarket618.wordpress.com

http://www.zerohedge.com/forum/latest-market-outlook-1

Do NOT follow this link or you will be banned from the site!