in the morning JPM will report earnings. thru next friday the major TBTFs will report earnings. as most of the non-narcotisized world is well aware, POMO benefits no one but the aformentioned. If they blow-the-sox off with their numbers, how will the not-funded by-the-26yo-MBA-student-running the FBNY algo react. will they follow Max Kieser in his quest to tilt at the windmill that is the JP Morgue? :) game on in the coldest of january
dc CB 16:43:47 GMT - 01/13/2011
As the chart below shows, of the $8.4 billion in bonds, a whopping $3.8 billion was represented by just one issue: the 2.750s of 12/31/2017. This is the bond that was issued two short weeks ago, on December 29, 2010.
The Fed purchased $8.41 bln of 2016/2017 maturities through Permanent Open Market Operations as dealers looked to put back $21 bln.
surge in 30Y futures post POMO, and of course stocks come off lows.
30Y auction up 1PM est results
dc CB 21:08:43 GMT - 01/12/2011
"The topic of how much money the Fed is gifting to the Primary Dealers via POMO commissions has to become front and center right now. While we appreciate fluff "profile" pieces in the NYT addressing the issue tangentially, and assuring us via worthless promises by people whose one purpose in life is to pad the pockets of their future employers ................, the truth is that this is daylight robbery and it is happening in front of everyone's eyes.
As a reminder, per the NYT: "As offers to sell Treasuries flash on a bank of trading screens, a computer algorithm works out which ones to accept." We contest that this algorithm is costing tapxayer billions each and every month ....The reason: we have reason to believe that the Fed's slippage rate is up to 5%. On a monthly POMO notional total of over $100 billion, this means that the Fed hands out well over $5 billion each and every month to the Primary Dealers. ....................
Surely there is one Congressman or woman who is not so bloody stupid, and actually understand that this is nothing short of legal and mandated theft from taxpayers, with the money being handed out directly to the Primary Dealers. ""
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