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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
FED
Fed assets went well through the $8T mark in the week ending June 16, with net Treasury and MBS purchases making up almost the entire +$111.9B net change (of that, $83.9B was MBS).
Source: Federal Reserve, MNI
- The FOMC meeting last week did not include any decision on tapering asset purchases per se, but the revelation that they had broached the subject is likely to ramp up speculation on what form it may take.
- The composition of purchases is under scrutiny, MBS's inclusion in particular: since the meeting, two of the currently hawkish members (Dallas Pres Kaplan and St Louis' Bullard) said they welcomed a debate over MBS purchases, with Kaplan questioning whether the strong housing market needed Fed support, and Bullard likewise concerned about feeding into "housing froth".
- Later this week we get speaking appearances by other FOMC members who have previously stated support for discussing MBS purchase policy: Boston's Rosengren and Atlanta's Bostic among them.
| Assets | Total | Nominal Tsys | TIPS | MBS+Agencies | 13-3 Facilities | Liquidity Facilities | Other* |
| Last Week's Net Change (USDbn) | 111.9 | 21.8 | 1.2 | 83.9 | - 0.6 | 1.3 | |
| 4-Week Net Change (USD bn) | 141.4 | 72.2 | 6.4 | 50.6 | 3.3 | 6.0 | |
| Total Holdings (USD bn) | 8,064.3 | 4,427.4 | 347.3 | 2,330.5 | 143.1 | 88.3 | 401.7 |
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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