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Pastimes : The Naked Truth - Big Kahuna a Myth -- Ignore unavailable to you. Want to Upgrade?

To: MythMan who wrote (81161)	12/27/1999 10:22:00 AM
From: Ken98	Read Replies (1) \| Respond to of 86076

Myth, its that "buying under the table" thing to "sterilize" the Japanese intervention on Friday of about $1B. Which, is of course, going to have the same effect as a coupon pass - maybe even greater in a thin market such as the bond today. Note also: <<Monday December 27, 10:02 am Eastern Time Fed's 17-day fixed system repos totaled $8.980 bln NEW YORK, Dec 27 (Reuters) - The Federal Reserve said Monday's 17-day fixed system repurchase agreements added $8.980 billion in temporary reserves to the banking system. The collateral breakdown under tri-party settlement was: -- $0.480 billion in Treasuries, 5.50 percent stopout; -- $3.100 billion in agencies, 5.63 percent stopout; -- $5.400 billion in mortgage-backed securities, 5.65 percent stopout.>> Notice the collateral breakdown? They are scraping the bottom of the barrell now and using agencies and MBS.