A week ago we noted that the departure of the Fed's PPT head, Brian Sack, whose tenure was set to end today, which we casually reminded the market about hours earlier:
Brian Sack's last day
— zerohedge (@zerohedge) June 29, 2012
... and his replacement with an academic, would likely be the greatest undiscussed S&P catalyst as the head of the entire US equity market, not to mention the Fed's POMO and various other known and unknown open market operations, would be none other than a B-Grade UCLA academic. Well, this has now changed, because as Dow Jones reports Brian Sack has withdrawn his resignation from the New York Fed, and will stay on as advisor to Goldman FRBNY plan Bill Dudley.
- BRIAN SACK WITHDRAWS RESIGNATION FROM NEW YORK FED
- BRIAN SACK TO STEP DOWN AS HEAD OF NEW YORK FED MARKETS GROUP
- BRIAN SACK TO STAY AT NEW YORK FED AS ADVISOR TO DUDLEY
The status quo must continue at all costs. And for those wondering why Sack must stay on at all costs, we bring your attention to the following post from December 2010: "Why Does Brian Sack Interact With Goldman's "FX Committee"?"