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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: Mike Johnston who wrote (92497)	3/19/2008 6:31:46 PM
From: bart13	Read Replies (2) of 110194

I thought that a coupon pass was a permanent purchase of securities, why are they calling a sale of securities a "coupon pass" I think the key is in the 3rd word of the descriptions at ny.frb.org . Tuesday's was a "Outright Coupon Sale" where the one last year on 5/3 was the more normal "Outright Coupon Purchase"... and I got bit by not looking at it on 3/7/2008 when it was a "Outright Bill Sale", and thought it was a real POMO add. <ng> What is going on ? It looks like they give money out in auctions and discount windows, but are draining SOMA. That's pretty much my read too. I think they're actually attempting sterilization of the auction & discount window actions by draining SOMA. I'm trying my best to track the net effects of all the actions (and including the upcoming ~$167 helo drop tax rebate) in my "fed all" actions chart on my Fed watch page and its showing a net disinflationary picture currently... and there's always a time lag for monetary policy to take broad effect. The thin read line is Fed only, the thicker blue line includes primary dealer (GSDS) trading.

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