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Tomorrow's Episode Of "Debt Monetization With The New York Fed" Postponed Due To Inclement Weather
It appears that even operations of the almighty (if almost empty) New York Fed is subject to rain delays:
Statement Regarding Changes to Open Market Operations Due to Hurricane Sandy
The Federal Reserve Bank of New York is open today. Due to financial market closures and the market conditions anticipated to accompany Hurricane Sandy, several changes have been made to System Open Market Account operations previously scheduled to take place today and tomorrow.
The sale of Treasury securities that was tentatively scheduled for today, Monday, October 29, will take place as scheduled, with a 10:15 AM open and 11:00 AM close. However, settlement will take place on Wednesday, October 31, not Tuesday, October 30. The purchase of Treasury securities previously scheduled for tomorrow, Tuesday, October 30, has been postponed, and the schedule of Treasury security operations will be updated in the coming days with details of the rescheduled operation. After today's sale, Treasury purchase and sale operations are anticipated to resume on Wednesday, October 31.
Similarly, there will be no agency mortgage-backed securities (MBS) trading on Tuesday, October 30. MBS trading operations are anticipated to resume on Wednesday, October 31.
Due to SIFMA's recommended early market close for fixed income markets today, today's securities lending operation will conclude at 11:45 AM, instead of the typical 12:00 PM. Overnight loans made today will mature on Wednesday, October 31, consistent with the market conventions being adopted. In light of this settlement convention, a securities lending operation will not be held tomorrow, Tuesday, October 30.
We are continuing to evaluate market conditions and will make announcements regarding other Federal Reserve operations as needed.
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Frankensettlement!
Roll Tide?
But an attack by some failed nation, like "Iran" for example, would magnify the storm related problems.
That shit only happens in movies, right?
Gully Fool.
If the Iranian navy capsized in NY Harbor, would anyone notice?
Headline should read:
Fed has no means to "push on string" due to market close!
Dammit, dude, the one day I needed some MBS...
Good thing we are all front running the Fed.
Where's my Russian 700 tonnes of gold ore. Which one you guy's snatch it?
Don't be surprised if the NY Fed's gold is mysteriously "replenished" this week.
How do you spell boating accident in russian....
Code name K-19. What's Russian for Widowmaker?
Since they are Masters of the Universe, maybe they should suspend interest accrual for a couple of days, too.
Just like Sandy, interest accrual is a unsuspendable force of nature.
Triple entendre for you crazy ZHers.
Nay, tomorrow simply doesn't exist.
"This banking holiday brought to you by Sandy..."
With interest rates at 0%, how could one tell if they'd been suspended or not?
Must be Kevin Henry's day off.
Woundn't want the worthless paper to be soggy too.
Kevin Henry has left the building.
A true Trick or Treat
Were about due for another Corzine-type event. It's year-end bonus time. Gotta rob some accounts and then dissappear. It worked last year, rinse and repeat.