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Non-Statement Releases: Watch Purchase Tweaks, IOER

FED

Some attention on whether the FOMC hikes the IOER / ON RRP rates today, which is expected by several analysts. With the effective Fed funds trading consistently at 0.07% though, downward pressure on the rate may not not sufficient to force the Fed's hand just yet.

  • Such a change would be communicated in the Implementation note (link below), not the Statement.
  • Also note NY Fed's SOMA Head Lorie Logan's comments earlier this month: "we plan to make minor technical adjustments to our purchase sectors and increase the frequency at which we update purchase allocations to remain roughly proportional to the outstanding supply of nominal coupon securities and TIPS. We expect to announce these as a part of a normal purchase calendar release in coming months".
  • Most interpret her comments to mean faster 20Y purchases (though some see more4.5-20Y range) and fewer TIPS purchased in future NY Fed buy ops as a "technical" change.
  • If this is decided upon today (rather than in a future NY Fed purchase schedule), it could appear in the implementation note, or potentially more likely, in a separate statement by the NY Fed.
  • Probable URL for the April FOMCImplementation Note (would only go live at 1400ET) by clicking here
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