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Strategies & Market Trends : ahhaha's ahs

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To: ahhaha who wrote (1378)	3/5/2001 11:05:54 AM
From: ahhaha	Read Replies (1) of 24758

FED just did a coupon pass on top of other RP actions today with fed funds above target at 5 9/16. They didn't take the coupon action because of the above target rate. Apparently they're making injections on a periodic basis, say every 4 days, and this action has an impact somewhat outside of the daily RP actions. The RP actions are designed to fix the instantaneous fed funds rate and the outright injections are aimed at putting a floor under financial markets. It's mysterious why the fed funds rate is sticky at 5 9/16. If it persists there in spite of RP targeting, that would indicate that the demand for loanable funds hasn't been weakened by perceptions of economic slowing.

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