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Indolent interchange


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Operation Twist has no effect on the market. The MBS purchases do. That's what's driving this especially since no one wants Treasuries any more. Fed settled nearly $27 billion in purchases last week. I had previously noted for subscribers that they were holding the big settlements at mid month to offset the effect of the mid month Treasury settlements.

 

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It's interesting that ECRI folks still see recession coming. Does anyone else expect it at this stage? Doubt it.

 

No. But it's only relevant to the extent that if they're right, it's bullish.

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