Wall Street Manna
An irreverent look at Wall Street
Thursday, August 6, 2009
A scathing story on the Fed's monetization
47% of the bonds in last weeks auction taken by the primary dealers were monetized by the Fed--after the Fed "trumpted" the results of the auction.
This immediate repurchase of newly auction bonds by the Fed tells us that demand for these bonds
is not nearly as high as advertised
, and that things are not quite as strong as represented.
That's our Federal Reserve.
Not as advertised!!!
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