Today's POMO Begins: The Fed, Via The PDs, Prepares To Inject Between $3 And $5 Billion Into High Beta Stocks
All those who were observing the pounding in futures overnight, and are stunned once again by how stocks can be higher with horrendous data out of the FHFA on the home price index which plunged to -0.5% on expectations of -0.2% and a prior print of 0.3%, need look no further than the FRBNY, where Brian Sack is warming up the Bloomberg Terminals. Up on deck: anywhere between $3 and $5 billion in repurchases of bonds maturing between 3/15/2013 – 8/31/2014, with the money immediately going to the Primary Dealers, who bid up Amazon, Apple, etc, etc, perpetuating the myth that the American economy is not dead. Expect a run up in stocks into the 11 AM close of today's POMO.
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