Forget Taper? Anti-Taper? Sense of Panic? Print Baby, Print!!!

Implementation note with the Fed (no change in happy-talk) report:  (fine print the financial press glosses over…)

“Effective September 23, 2021, the Federal Open Market Committee directs the Desk to:

  • Undertake open market operations as necessary to maintain the federal funds rate in a target range of 0 to 1/4 percent.
  • Increase the System Open Market Account holdings of Treasury securities by $80 billion per month and of agency mortgage-backed securities (MBS) by $40 billion per month.
  • Increase holdings of Treasury securities and agency MBS by additional amounts and purchase agency commercial mortgage-backed securities (CMBS) as needed to sustain smooth functioning of markets for these securities.
  • Conduct overnight repurchase agreement operations with a minimum bid rate of 0.25 percent and with an aggregate operation limit of $500 billion; the aggregate operation limit can be temporarily increased at the discretion of the Chair.
  • Conduct overnight reverse repurchase agreement operations at an offering rate of 0.05 percent and with a per-counterparty limit of $160 billion per day; the per-counterparty limit can be temporarily increased at the discretion of the Chair.
  • Roll over at auction all principal payments from the Federal Reserve’s holdings of Treasury securities and reinvest all principal payments from the Federal Reserve’s holdings of agency debt and agency MBS in agency MBS.
  • Allow modest deviations from stated amounts for purchases and reinvestments, if needed for operational reasons.
  • Engage in dollar roll and coupon swap transactions as necessary to facilitate settlement of the Federal Reserve’s agency MBS transactions.”

So another Trillion plus per year?  YGTBSM.  Looks to us like taper is off the table.

Market may rally and then collapse when they figure out how close we are to….

(Yes.  This is a theater.  Yes, this is smoke.)

More in the morning.

gu

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George Ure
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12 thoughts on “Forget Taper? Anti-Taper? Sense of Panic? Print Baby, Print!!!”

  1. “Sense of Panic? Print Baby, Print!!!”

    It won’t work…
    They can shovel it at the top all they want.. but if the bottom is crumbling because the water on the table is drying up.. the only option is to pour it on the table.. in every ones pockets so they can spend it to support the top…
    It’s time to give another stimulus to everyone.. push it to the new year..
    If not.. the prices will go up and people will panic and not buy..
    We have a consumption nation..not an industrial manufacturing nation.
    WEIMAR here we come…
    Ih did you hear the story about the two guys.. they were out for a walk and seen an old outhouse.. because they had had some really good chili bean soup the one had to go really bad. Sat do we n did his duty..as he was getting up his listing of but coin ownership fell out of his pocket into the dark mucky smelly abyss.. quick got fifty dollars.. the other guy handed him fifty.. he throws it in the hole.. has a puzzled expression then asks you don’t happen to have a c note do you.. why would you want that.
    Well you re as ally don’t expect me to jump in for a stupid short of paper and looking at that sd molly mess I dont think it would be worth jumping in for a measly fifty either.. lol lol

  2. So lessee…

    Take a tunnel borer and stand it on its nose.
    Turn it on and set the speed control to “Flank.”
    How long will it take to dig a hole from which extraction is impossible?

    Sheesh!

    You highlighted the additional ~trillion-and-a-half.

    In reading that page, I see a whole lot of stuff I don’t like — not just the SOMA/MBS “license to deceive…”

    I feel like the U.S. has swallowed a cyanide cocktail and is falling on a sword while shooting itself and committing a death-by-cop-like ritual. The only points of suspense is which one will get us first, and how fast will the rest of the world collapse…?

  3. GOP Lawmakers Clue Biden Into His Future, Post Midterms, as They File Articles of Impeachment

    “It’s clear the President is not up to the job, that his entire administration is willing to thumb its nose at the Constitution. Though Pelosi’s House will not hold [Biden] accountable, it’s incumbent upon House Republicans to call out his egregious violations of his oath of office,” tweeted Gibbs.

    -Rep. Bob Gibbs (OH)

    https://redstate.com/brandon_morse/2021/09/22/gop-lawmakers-clue-biden-into-his-future-post-midterms-as-they-file-articles-of-impeachment-n446541

    With Pelosi in charge, nothing will come of it, but at least the House Republicans have taken a stand. ‘Probably gonna suck for Joe after Congress does its typical 20% midterm swing. He will have to defend himself, and facing a prosecutor like Ted Cruz in an impeachment trial, Biden will leave no doubt, even to the low-information “soundbite snowflakes” that he is incompetent and incapable. I can already hear the apologists on CNN and MSNBC attacking mean ol’ Ted Cruz for beating up on “poor, frail Joe.” The impeachment won’t go through, but with any luck the Dems and the media will so overplay their hands that they usher in a Reagan-esque Republican landslide in 2024, and the RNC will actually back conservative candidates, as opposed to McConnell’s establishment shills…

    At this point, if we’re to have a chance at survival as a nation, we need to lose the Establishment of both parties, and the all out crazy nutjobs and Soros-shills, as well…

    • It won’t ever happen Ray.. He’s not in charge anyway no one in DC is.. someone from someplace else is pulling the strings..
      Until they cut the cash at the feed trough ( we all know just how good that would work on both sides of the Isle.How many billions is spent yearly towards gifts etc…) things will in my opinion follow along the path that has been set by those controllers at this point is has been allowed to long and is beyond being turned around….. ( I may be wrong.. I am just some old schmuck that likes to read and loves his country)
      shttps://www.voanews.com/a/usa_us-politics_dark-money-groups-pump-millions-battle-over-supreme-court-vacancy/6196346.htm
      https://www.reuters.com/article/us-usa-court-politics/landmark-supreme-court-ruling-allows-corporate-political-cash-idUSTRE60K3SK20100121
      Wasn’t it both sides of the isle that was overwhelmingly against limits in donations when a limit was set.. and ran crying to the supreme court where billions was spent putting in the person of their choice..https://www.politico.com/newsletters/weekly-score/2020/09/14/a-looming-milestone-1b-in-dark-money-spending-790383.. and when Rand Paul put the read the bills act up for a vote he was basically laughed off of the floor..I think It flows both ways on this one.. and since no one wanted to close pandora’s box and they allowed open donations gifts and trips jobs etc.. I think we are well beyond the tipping point.. the only thing left is push the noodle as far as they can..or let the correction begin..
      How they let them bring illegals in by the thousands daily is beyond me as well.. there is a reason why we have the vetting process.. and now we have to deal with the potential issues that have been set before us with that as well..
      And who is it that is doing it.. is a great question.. https://www.opensecrets.org/news/2018/08/foreign-interests-fara-lobby-watch-exclusive/
      even if they cut the ties today.. the plan has been in place long enough and enough dark money has been pushed to get the path set..

      • I know…

        That’s the reason Sarah Palin was torpedoed, and Herman Cain was “scandaled” out of the primaries. They were both hardcore “Let’s fix stuff and the Establishment be damned if they don’t like it” sort of people. Cain is a fascinating study, and was a mathematical genius; Palin ran for Governor in the first place because she couldn’t stand the graft, and lost her shit when the “Bridge to Nowhere” was built. She ran a bunch of dirty Repubs out of Alaskan politics before she ever looked at a Dem. Doesn’t matter. The PTB hated them both, and so destroyed them both.

        …And then, there was Trump.

        I can not even imagine the amount of good he could’ve done for the nation if the Establishment of both Parties had worked with him, instead of against him, his entire term in-office.

        I’m thinking 12 years of Trump/DeSantis and a supermajority might save our asses. I can’t think of anything else that stands a chance, and I’m not holding my breath for this…

  4. My next door farmers in the 1960s were one of the first feed-lot operators in Alberta.
    When the wind blew over village everyone said that it was the money smell.
    YGTBSM=You Got To Be Smelling Money?

  5. Don’t think Ray put this up yet but Project Veritas has released the Part 2 of their exposé as reported by TGP – “Just In: Part II of Project Veritas’ Bombshell Covid Vaccine Recordings – FDA Employee: Feds Need to Create a ‘Nazi-Germany’ Style Registry of Unvaccinated Americans, “Go Door to Door and Stab Everyone” – (Video)”.
    https://www.thegatewaypundit.com/2021/09/just-part-ii-project-veritas-bombshell-covid-vaccine-recordings-fda-employee-feds-need-create-nazi-germany-style-registry-unvaccinated-americans-go-door-door-stab-eve/

    Tucker Carlson reminded us yesterday when he shows us Biden, when he was then VP, saying this in Tucker’s YouTube video “Tucker: Why would Biden do this to his own country?” at the 1:30 mark: Biden: “An unrelenting stream of immigration. Non-stop, non-stop. Folks like me who are of Caucasian-European descent for the first time in 2017 will be the absolute minority in the United States of America. Absolute minority. Fewer than 50% of the people in America from then and on will be White European stock. That’s not a bad thing, that’s a source of our strength.”
    https://www.youtube.com/watch?v=Z_0iFBJPWoY
    Who’s strength Joe? The Democratic Oligarchy?

    This treason began long ago. What Biden was really saying was people who know what America is and stands for on the Common Man level will be wiped out and replaced by people who will do and vote as we say when America is done. Back then I’m sure we all said “It can’t happen here!”. Now it is. WAKE. UP!

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