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Pastimes : All Clowns Must Be Destroyed

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To: pater tenebrarum who wrote (30724)	5/3/2000 10:37:00 AM
From: hunchback	Read Replies (2) of 42523

The Federal Reserve said on Wednesday that it added $9.985 billion in temporary reserves to the banking sector via a round of overnight system repos. The collateral breakdown for the operation was as follows: Treasuries $5.590 billion; stop-out rate 5.71 percent. Agencies $2.895 billion; stop-out rate 5.86 percent. MBS $1.500 billion; stop-out rate 5.90 percent. marketwatch.newsalert.com New York--May 3--The Federal Reserve is expected to add reserves to the banking system Wednesday with overnight system repurchase agreements to counter the upward pressure on the funds rate on the final day of a two-week maintenance period. The funds rate was trading at 6 1/16% recently, slightly higher than the Fed's current target of 6%. Marc Wanshel, a Fed watcher at J.P. Morgan, said he expects "an overnight repo of about $2 to $3 billion as a rate protest." Wanshel said the Fed has "no technical need to add reserves," but noted that Wednesday is the final day of the maintenance period, when the funds rate often comes under upward pressure. He sees the Fed facing an add need of about $5 billion to $7 billion as the new maintenance period begins Thursday and said that add need will grow toward the end of the maintenance period. (sounds like a drug addict on Sunday morning before the next paycheck...LOL) marketwatch.newsalert.com

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