United States
Reserve management purchases(RMP) is the term the Fed is using to describe its T-bill buying agenda, as in fact they can go out as far as 3 years in Treasuries if needed. That’s quite deviant from a pure T- bills buying program, and bordering in fact on QE. They’ll start with $40bn of buying, and suggest it will wane in later months due to seasonal liquidity circumstances. Good for the front end!
US Money Market has always experienced severe fluctuation in liquidity every April due to federal tax payments. Powell said at the press conference “When tax payment day comes, because people pay big money to the government, reserve amount declines rapidly.” This can be seen as front loading to stabilize the reserve amount.
In the past, at 2019 Repo Tantrum, the Fed has bought T-bills to stabilize the market stacking enough reserves..
Even after easing cycle started last September longer yield of UST has not climbed down from its level. Federal rate went from 5.5% to 3.75% however 10yr yield climbed up from 3.61% to 4.14%.
Next FOMC meeting will be held in January 27th.
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