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Non-Tech : Derivatives: Darth Vader's Revenge
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To: Frodo Baxter who wrote (178)9/25/1998 4:14:00 AM
From: ahhaha  Read Replies (1) of 2794
 
I suggest you take a look at the M2 numbers and tell me what you annualize the rate to be. The average weekly increase in the last eight weeks has been $13 billion. That's 100 billion on a base of 4000. 2.5% per 2 months and rising incrementally. Trailing 15%. Exponentiating to at least 20% given the recent increments. In the first half of the year direct injections plus RP free float haven't been half of what they have been since mid July. Against a firm fed funds rate expressing good demand for inter bank funds the FED has conducted the RP actions with no softness. The fed fund rate jumps right back up after RP transactions. The recent daily direct purchases of bills and coupons haven't done much to dent the demand. They can post a lower rate, but they will have to defend it it by even more vigorous action.
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