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pmbug

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pmbug

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Back on March 21 (post #290), I referenced a story announcing a Senate bill to amend the Federal Reserve Act so the Fed could buy up municiple bonds. Looks like Dems in Congress are going to try and shoehorn that measure into the next stimulus bill...

Democrats in Congress want the Federal Reserve to buy all types of municipal debt, regardless of rating, to help ease the impact of the coronavirus pandemic on state and local governments.

“I think they should take the risk,” said Representative Rashida Tlaib, a member of the House Financial Services Committee. “We did it for the big banks, they should be able to do it for the local governments. Local governments are too important to fail right now.”

The coronavirus pandemic has crushed sources of tax revenue for states and localities at a time when resources, including paramedics and hospitals, are being committed to combat the threat to public health.

Tlaib said that her view has the support of Financial Services Chairwoman Maxine Waters and House Speaker Nancy Pelosi. She’s pressing to pass legislation that would change Section 14b of the Federal Reserve Act to allow the central bank to buy municipal debt of any duration in response to crises and emergencies A bill introduced in the Senate by New Jersey Democrat Bob Menendez also backs such an amendment.
...
https://www.bloomberg.com/news/arti...w-rated-muni-debt-to-ease-strain?srnd=premium
 

pmbug

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4/9/20: $ 6.131T

Much lower than I was expecting. Seems unreal with all the programs the Fed has initiated.
 

pmbug

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4/16/20 - $ 6.416 T

Just another ho hum $300B increase.
 

Fiddle & Rose

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I heard there are famines going on in Europe, and Russia isn't sending food. I wonder how much this'll affect us.
 

rblong2us

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I heard there are famines going on in Europe, and Russia isn't sending food. I wonder how much this'll affect us.

Where did you get this info Fiddle ?
Russia probably isnt sending food cos 'Russia bad' and you never bought food from them in the first place ........

I am in UK and I am not aware of any undercurrent of food shortages here.

I am reading about the shutting down of a significant percentage of meat processing plants in the US though.
It occurrs to me that this will absolutely destroy the meat producers as they now have animals ready for market and no market.
Yeah they can continue to feed them but once they go past their optimal conditioning to get them ready for market its not the same quality .......

Perhaps Beyond Meat can pick up the slack and assure the destruction of livestock farming :flushed:
 

Fiddle & Rose

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Where did you get this info Fiddle ?
Russia probably isnt sending food cos 'Russia bad' and you never bought food from them in the first place ........

I am in UK and I am not aware of any undercurrent of food shortages here.

I am reading about the shutting down of a significant percentage of meat processing plants in the US though.
It occurrs to me that this will absolutely destroy the meat producers as they now have animals ready for market and no market.
Yeah they can continue to feed them but once they go past their optimal conditioning to get them ready for market its not the same quality .......

Perhaps Beyond Meat can pick up the slack and assure the destruction of livestock farming :flushed:
Maybe it was a ploy by big BYND since that stock just keeps shooting up.

https://www.foxnews.com/world/coronavirus-pandemic-famines-united-nations
The global coronavirus outbreak threatens to worsen the existing food crises around the world and create “a hunger pandemic,” the chief of the United Nations Food Program warned earlier this week.
 

pmbug

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4/30/20 - $ 6.703 T

Just $82B increase. Not sure how the equity markets are levitating so much when the balance sheet expansion is slowing down so much.
 

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Related to post #315:
Responding indirectly to Jeff Gunlach's late Friday tweet, in which the bond king observed something we had noted previously, namely that "the Fed has not actually bought any Corporate Bonds via the shell company set up to circumvent the restrictions of the Federal Reserve Act of 1913" adding that this "must be the most effective jawboning success in Fed history if that is true"...

... moments ago the The New York Fed announced on its website that it expects to begin purchasing eligible ETFs, most notably the LQD and JNK, but also many others as detailed previously...

... as part of its emergency lending programs in "early May."
...
More: https://www.zerohedge.com/markets/n...h-reveals-it-will-start-buying-etfs-early-may
 

rblong2us

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4/30/20 - $ 6.703 T

Just $82B increase. Not sure how the equity markets are levitating so much when the balance sheet expansion is slowing down so much.
yeah apparently the printing ink manufacturers are having problems with staff self isolating
And theres no planes flying from Zimbabwe, where theres plenty :rotflmbo: :pffftt:
 

pmbug

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5/7/20 - $ 6.769 T

Just a $66B increase. Looks like the Fed now owns $4B in the "Commercial Paper Funding Facility II LLC".
 
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