Dollars and Jens
Thursday, December 17, 2015
FOMC plumbing
The FOMC yesterday asserted that it will be raising interest rates today. I mean, probably they will; the first place to watch the progress of the implementation is where they post gross statistics of the reverse repo facility; I think the auction ends around 1:15 Eastern Time, and don't know how long it will take for the results to be posted there. What everyone then wants to see is whether the actual Fed Funds rate overnight falls in that target 25–50 bp range, and, if not, how far on which side. Tomorrow's reverse repo operations will be that much more interesting if they miss the range tonight.

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