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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: LLCF who wrote (67125)2/13/2001 11:11:03 AM
From: oldirtybastard  Read Replies (1) of 436258
 
I think the Fed will be buying sub-prime debt backed securities baskets directly from providian before long, maybe throw in some coconut backed bonds from the Congo too...


Second, the FOMC is examining the possibility of beginning to acquire under repurchase agreements some additional assets that the Federal Reserve Act already authorizes the Federal Reserve to purchase. In particular, the FOMC asked the staff to explore the possible mechanisms for backing our usual repurchase operations with the collateral of certain debt obligations of U.S. states and foreign governments. We will also be consulting with the Congress on these possible steps before the FOMC further considers such transactions. Taking such assets in repurchase operations would significantly expand and diversify the assets our counterparties could post in temporary open market operations, reducing the potential for any impact on the pricing of private sector instruments.

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