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[nimblebear]

.... Indeed, we remember twenty-years ago when 'Fed time' was THE single most important time of each and every day, during a time when the Fed was anything BUT 'transparent', and traders would MICRO analyze every move the Fed made. Thus, with that in mind ... we shine the archaic spotlight on the 'results' of this afternoon's (last week) Fed 'open market operation' in which they: Added Temporary Reserves via 14-Day Repurchase Agreements ... ... bought at a 'stop-out' rate of ... 5.16%, a full nine basis points BELOW the 'official' Fed Funds 'target' of 5.25%. Moreover, the low bid submitted came in at a price to yield 5.05%. MMMMmmmm, is the Fed telegraphing something more significant than just softened language ??? The market believes. (Again from Greg Weldon)