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Today's POMO Results: $2 Billion Purchased In 2021-2026 Purchased
Today $2 billion was used up by the Fed to purchase several off the run 2021-2026 maturities and to goose up equity market liquidity just that little more.
With today's action there is exactly $16.7 billion left remaining in the QE treasury basket.
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Since this time, we've had two instances of vertical takeoff that have, in the pattern of this entire rally, turned a downward channel into a upward channel. Yawn.
Rally On, From BBerg
Commercial Real Estate Tax-Penalty Rules Eased by Treasury in Refinancings The U.S. Treasury Department adopted rules allowing lenders to revise commercial real estate loans without triggering tax penalties in an effort to stem a rise in defaults.
MUST BE B/C TAXPAYERS are now going to subsidized all the big money trump wanna be CRE FUCK UPS
Dollar rallying along with equities. Nothing makes sense anymore.
Nothing like a Stark Warning (Threat). Everything's just fine one year later, right BO & Mr. Market?
ECB's Stark says to withdraw fiscal stimulus and liquidity too early would lead to collapse of banking system
ECB SPEAKERSays:
- He’s concerned about certain market developments.
- Sees risk of new asset price bubbles emerging.
- Not clear what’s behind recent developments.
They talk out of both sides of their mouth... it is an amazing trick... one moment everything is just rosy and back to normal... then next minute if we withdraw fiscal stimulus everything will collapse. I am going with the collapse theory, since the foundation is built with Tinker-Toys.
Dollar is heading down. Trend reversal at 77.28 (currently).
If the program ends this month and they are supposed to stop @$300bil of UST does that mean tomorrows POMO will be for the final $16bil? That will send the market into the stratosphere which is just perfect for opex (aka kill all shorts) week. Will that drive the S&P to 1068 which is the GS target?
AR, do you have a DXY chart to show the trend reversal at 77.26? Many thanks in advance.
1068 looks like a reasonable number.
Everything's bullish for stocks these days!
So what's POMO, anyway?
It's like Mo-jo. Only it's in firmly in the hands of Dr. Evil.
WTF - all Obama all the time tv. Clearly his cheerleading seems to be working, as chase any and all names seems to be the strategy currenltly embraced by WS.
MCC shouldn't speak, she should just allow "c" and "c" to be put on silent display.
Lizzy, you have many fine posts, but your thoughts on MCC are illuminating. That would spare us from her tripe without depriving us of her upper thorax. A win-win as it where. Bet her husband agrees, too.
Houston, we have liftoff! Many gaps to fill now that the recession is over!
SPY 107.62-109.68 incoming.
"With today's action there is exactly $16.7 billion left remaining in the QE treasury basket"
Or so the Fed would like us to believe.
Precisely. I'm aligning the current jaw-boning from Ben and other items that would indicate if they are going to continue it's not "going to be televised."
short GS, heavy
Don't forget the MBS/Agency QE basket is bottomless.
Net purchases from September 3 through September 9: $18,800 million.
Good times!
When are they finally going to empty their QE basket - today at 4:30 EST?
Would it make sense to short treasuries in the coming weeks?
the greenback collapse seems imminent, but now that everyone thinks stocks are headed up due to manipulation/inflation/accounting rules changes/etc, I suppose this would precisely be the best time to screw everyone with the final downward retracement in the stock market.
this market is a ruse
good articles; good articles 4 slow news day ..http://www..
hat tip: finance news & finance opinions
As the Treasuries purchasing element of QE draws to an end, look for the dollar to do the wobble and bounce up from DXY ~76.0. That, in itself, would equal downward pressure for equities, but this should be countered by the elation from inbound Q3 earnings reports (though, realistically, any possible optimism is already 'in' at the current P/E level, given current credit/reduced lending conditions--however, not much should, nor could, be addressed realistically. After all, corruption and disproportionate political influence is the gilded path for the otherwise incompetent.)
So, after that buzz wears off, look for the Fed to reduce or eliminate the policy of paying interest on balances parked in excess reserves to add more sugary juice to the markets. You like-a da juice? It's a good juice, eh!
It's all so easy, with easy money from the future.
Not long ago....being in a Merrill office watching a
pneumatic stock ticker on the wall...trying to stay in good with the local ticket typer so I would be first in line ...next time....paying a few hundred bucks for some
trades that today ....the same trade costs a few cents.
good articles; good articles 4 slow news day ..http://www..
hat tip: finance news & finance opinions