Shit Just Got Real: Primary Dealers Called To New York Fed For Emergency Noon Meeting

From an email just sent out by Morgan Stanley's David Greenlaw:

The NY Fed just asked primary dealers to come downtown today at noon to meet with Fed and Treasury Dept officials. We expect to hear them outline a contingency plan for next week. Details to follow.   
More from Bloomberg which confirms this is not the previously scheduled meeting:

  • The Treasury has canceled its regularly scheduled individual meetings with bond dealers in favor of the group meeting, according to the people, who declined to be identified because the meeting hasn’t been publicly announced
  • All 20 primary dealers were invited
  • Treasury spokesmen in Washington didn’t immediately reply to a request for comment on what will be discussed at the meeting