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Strategies & Market Trends : Waiting for the big Kahuna

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To: Kailash who wrote (80398)	7/8/2008 9:19:36 AM
From: Real Man	Read Replies (1) of 94695

Maybe. He said there nobody is using these loans anymore, so what good does it do to extend them? Nobody wants to lend. <G> Securities firms have cut back on their use of the programs in recent weeks. The balance of loans outstanding from the PDCF dropped to zero as of July 2, the first time that's happened since the program began. On March 26, the end of the first full week of operation, the PDCF had a balance of $37 billion. Bids Decline Bids in the TSLF's weekly auctions, in which dealers swap securities such as mortgage-backed debt for Treasuries from the New York Fed, have declined since the start of the program. In the July 3 operation, firms submitted bids for $26.1 billion out of $50 billion of Treasuries offered.

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