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UBS note on today's FOMC: Expect 10bps IOER.....>

FED
FED: UBS note on today's FOMC: Expect 10bps IOER cut. Fed will keep offering
repo operations to primary dealers. If the Fed announces that they want no more
draining of reserves, they will have to buy Tsys: $20/30bln per month ('We had
expected it to happen early next year; it is probably here now.'
- Standing repo facility 'a ways off...but most of the goals can be accomplished
by the operations they are doing now'.

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