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Pastimes : All Clowns Must Be Destroyed

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To: KeepItSimple who wrote (15417)3/8/2000 7:46:00 AM
From: Oblomov  Read Replies (1) of 42523
 
KIS,

As Nick pointed out in his reply, the Fed added $1.5B in reserves yesterday, but in order to know whether the Fed added or drained net liquidity, you must know how many overnight and term RPs expired yesterday. Here is a Fed data set that shows the outstanding overnight and term RPs. Unfortunately, it is not yet updated for February:

stls.frb.org

Also of significance is overnight and term Eurodollars:

stls.frb.org

Domestic RPs declined in January. It will be interesting to see what the net effect of open market operations is for February. As you can see, the monetary base (so-called "high-powered money") has declined to November 1999 levels:

stls.frb.org

MZM has flattened somewhat, but the fastest growing component is commercial lending activity and issue of commercial paper:

stls.frb.org
stls.frb.org
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