And We're Off: Fed Monetizes $8.2BN In T-Bills In First Of Many Open Market Operations

And we're off.

As we previewed yesterday, the Fed's open market asset purchases - also known as QE-Lite, NOT QE, or more technically, Reserve Management Purchases - have restarted  (as we first said he would a month ago, when this idea was once again highly contrarian), and this morning at 9:20am the Fed concluded its first T-Bill monetization procedure, purchasing $8.167 billion from Primary Dealers and other authorized open market participants.