jd, didn't we have record MF in-flows in March 2000? That didn't seem to prevent a drop then. We usually get those record inflows conveniently at distributional tops.
As for the existence of PP*, I do agree it exists, but I think the intervention takes place at most only a few times a year, not a few times a day like many complain. Since fall 2001, there hasn't been much evidence that I've seen other than the futures buy on July 2, 2002.
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