Hey Pub> Good questions.
IMHO - What the FED does on an individual
day is not defining but its something to keep in mind if you are trading the market because it impacts liquidity. I laughed my ass off this morning a guy
on CNBC said it takes 6-9 months to see the impact of loose money on the economy. What a crock. Its realtime IMHO. My old saying is BIG REPO in the morning,
shorts take warning. Also, BIG DRAIN and its going to RAIN! A coupon pass will rip a short's ASS! If the FED is pumping big REPO's into the hands of its banks some of it gets injected into the markets. They settle at 2:30PM or there abouts. Other factors which add/subtract liquidity such as foreign funds flows, treasuries
issues, IPO's, and random news alerts, must also be taken into account.
TO get the net impact for the day, you must calculate what expires against what new repo's come on. IMHO AG is helpful whenever the Treasury is active to insure
order in the bond markets. This week the 38 billion auction off last week settles. Just guessing but after that OLD AG may take a break from the REPO's.
The growth in MZM has fallen from 8-10% levels earlier in the year to 4%. AG has been tight. The FIG (future inflation gauge) he tracks is at levels
associated with tightening not loosening. Despite what you have heard on TV, service sector inflation is soaring at levels close to 4%, and deflation in
technology products is nothing new. What's new is demand is slowing for tech products to lower growth levels. Interesting to note though, that many
new tech products (HDTV, high end PC'S, fancy mobile phones with 3g) are very expensive
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