Fed's Emergency Meeting With Primary Dealers Ends

From RBS' O'Donnell:

  • NY Fed Meeting Over
  • No Contingency Plan For Aug 2 Discussed
  • No Decision On Next Week Treasury Auctions
  • Talks Focused On 'Market Conditions'
  • Primary dealers at NY Fed agreed Congress should act quickly to raise debt ceiling

Translation: Tiny Tim has absolutely no idea what he will do on Wednesday, aside from telling CTRL P-dawg to sell the gold-painted Tungsten in Fort Knox of course. At $460/ounce MTU that's not bad good: still about $100 billion $341 million based on today's market prices. Or something. In retrospect, maybe not the best idea. (the Fed has 261,398,899.3 ounces of [gold|tungsten])

h/t LDT