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To: pater tenebrarum who wrote (76596)	11/22/1999 11:21:00 AM
From: Ken98	Read Replies (2) of 86076

Floodgates: <<Fed buys coupons from Nov 2001 to Sept 2002 NEW YORK, Nov 22 (Reuters) - The Federal Reserve said it added permanent reserves to the banking system on Monday by buying U.S. Treasury securities dated from November 30, 2001 to September 30, 2002, for delivery on Tuesday. There were two exclusions, including a 7-5/8 percent coupon dated Feb 15, 2002, which the Fed said was callable and a 3-5/8 percent coupon dated July 15, 2002. The Fed said responses were due by 11:15 a.m. Earlier the Fed injected temporary reserves into the banking system via overnight systems repurchase agreements for tri-party settlement totaling $4.015 billion. At the time of the operation, Fed funds were trading at 5-1/2, on the Fed's target for the rate.>> Can't have any red-ink on the tape now can we? I expect Slick to sell some oil out of the Strategic Petroleum Reserve soon too. This is not without precedent. He sold some in 1995 to thwart a spike in the price of oil then too. This is setting new boundaries in moral hazard. Regards, Ken.

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