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Manta, Ecuador
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Swing Trader
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Complete Fed Statement breakdown:
- FED SEES `SIGNIFICANT DOWNSIDE RISKS' TO ECONOMIC OUTLOOK
- FED TO BUY TREASURIES WITH 6-YEAR TO 30-YEAR REMAINING MATURITY
- FED LEAVES FEDERAL FUNDS RATE TARGET AT ZERO TO 0.25 PERCENT
- FED SAYS PROGRAM PUTS `DOWNWARD PRESSURE' ON LONG-TERM RATES
- FED TO SELL TREASURIES WITH 3-YEAR OR LESS REMAINING MATURITY
- PLOSSER, FISHER, KOCHERLAKOTA DISSENT FROM FOMC DECISION
- FED REPEATS `EXCEPTIONALLY LOW' RATES THROUGH AT LEAST MID-2013
- FED TO BUY $400B OF LONG-TERM DEBT, SELL $400B SHORT-TERM DEBT
- FED EXTENDS AVERAGE MATURITIES OF SECURITIES HOLDINGS
- FED TO REINVEST MATURING HOUSING ASSETS IN HOUSING DEBT
- FED SAYS INFLATION `APPEARS TO HAVE MODERATED'
- FED SEES `CONTINUING WEAKNESS' IN LABOR MARKET
- FED PURCHASES TO BE DISTRIBUTED ACROSS FIVE SECTORS
- FED SAYS 32% OF DEBT PURCHASES MATURE FROM 6- TO 8-YEARS
- FED SAYS 32% OF DEBT PURCHASES MATURE FROM 8- TO 10-YEARS
- FED SAYS 4% OF DEBT PURCHASES MATURE FROM 10- TO 20-YEARS
In other words: $400 billion in POMOs over the next 8 months or so, with the monthly at about $50 billion. Also MBS repurchases for a token amount. No LSAP as most expected, and no IOER rate cut. Goldman once again about half of what it expected.
(above source: zerohedge.com)
What is your take on Ben's solution?
Mike
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