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To: oldirtybastard who wrote (95128)	4/17/2001 11:13:51 AM
From: patron_anejo_por_favor	Read Replies (1) \| Respond to of 436258

<<have you ever seen this many coupon passes in such a short time patron?>> No. The closest thing to it was the LLCF, errr, LTCM fiasco in '98.

To: oldirtybastard who wrote (95128)	4/17/2001 11:21:56 AM
From: GraceZ	Read Replies (2) \| Respond to of 436258

They held off on the coupon passes for quite a while. They were heavy into the temporary repos but didn't come up with the hard stuff until the last few weeks. It must mean that things are starting to look far weaker to them then they expected. The Fed is worried, the jawboning and fooling around with interest rates isn't working. They are actually showing more restraint than they've shown in the past. I know that's hard to believe in light of the sheer size of the numbers, but the market knows the diff between the hard stuff (coupon passes) and the temporary (repos).