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Strategies & Market Trends : Classic TA Workplace
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To: NOW who wrote (36600)4/20/2002 4:36:13 PM
From: GraceZ  Read Replies (1) of 209892
 
David, I'm still working on a graph of the permanent reserves over the past two years added by the FED but the preliminary look taken from the monthly record we've kept of coupon passes doesn't point to a tightening FED yet.

Start at this message and follow the links back and you will see what I mean:

Message 17269355

Permanent Reserves added:



Nov 2001  4.467 billion
Dec 2001  4.123
Jan 2002  4.944
Feb 2002  5.382
March 02  6.647



The contraction in the monetary aggregates is outside of what the Fed is doing because they were still on the pump as of March. As of April we have a total of 2.682 bln with the month 2/3s over. March might have been higher than normal to pad reserves for the usual draw down when checks are written to pay taxes and fund retirement accounts in April. Money is destroyed pretty thoroughly when its paid to the government in the form of taxes. -g-
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