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Strategies & Market Trends : Classic TA Workplace

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To: patron_anejo_por_favor who wrote (13460)	9/13/2001 2:44:21 PM
From: John Madarasz	Read Replies (1) of 209892

biz.yahoo.com Fed adds $70.2 bln in temporary bank reserves (UPDATE: updates with volume) NEW YORK, Sept 13 (Reuters) - The Federal Reserve said on Thursday it had added $70.2 billion in temporary reserves to the banking system through a round of overnight fixed-system repurchase agreements -- a means of pumping money into the financial system as markets try to begin operating again after Tuesday's terrorist attacks. On Wednesday, the Fed added an unusually large $38.25 billion in temporary reserves to the U.S. banking system, a day after hijackers crashed two planes into the World Trade Center in Manhattan. Thursday's addition to reserves is in partly new funding and partly replacing Wednesday's overnight addition to reserves. Earlier on Thursday, the Fed said it would make market operations as needed and was giving time to dealers so they could review their positions and participate. Wall Street bond dealers regularly act in conjunction with the New York Fed to adjust U.S. banking reserves. Many dealers whose offices were destroyed or damaged in downtown Manhattan have moved to back up operations in New Jersey or other areas in the New York metro region. ************************************************************* from other: piraz.com New York Fed relocated to New Jersey, including Desk operations. Consideration is communications facilities. The $3 trillion repo market functioning only sporadically. There are a limited number of interdealer brokers to be used. Communication lines in some places are not working. Nearly all of the roughly twenty repo brokers -- not broker-dealer firms, but repo brokers in particular-- were located in the World Trade Center. $70 billion is about the size of outstanding total bank RP loans to securities dealers. Fed as lender of last resort.

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