Custom Search

Monday, February 4, 2008

Fed CHANGES Really Scary Fed Charts

It looks like the Fed took the TAF (Term Auction Facility) borrowing out of the data calculation, thus neatly removing $50 billion dollars from the picture. See my original post here: Really Scary Fed Charts, Why Bernanke Will Furiously Cut

The original chart I posted did not yet include the January TAF results as they were only released on January 29th. I posted the charts on January 30th. Therefore, the chart was short $30 billion… making the real spike down much larger.

Removing TAF borrowings results in a less ‘distressing’ picture. TAF auctions are ongoing. The next one is on February 11th. We won’t know the results until February 25th.

Notice the change in the definition of the data on http://research.stlouisfed.org/fred2/series/NFORBRES for 2007-12-01 has been changed in the notes to:

Observation Range: 1959-01-01 to 2007-12-01
Last Updated: 2008-02-01
Notes: Prior to 2003-01-01, the data are calculated as excess reserves minus total borrowings plus extended borrowings. From 2003-01-01 till 2007-11-01, the observations reflect excess reserves minus total borrowings plus secondary borrowings. From 2007-12-01, the definition changes to excess reserves minus discount window borrowings plus secondary borrowings.

TAF results to date:

Release Date: December 21, 2007

For release at 10:00 a.m. EST
On December 20, 2007, the Federal Reserve conducted an auction of $20 billion in 35-day credit through its Term Auction Facility. Following are the results of the auction:

Stop-out rate: 4.67 percent

Total propositions submitted: $57.664 billion
Total propositions accepted: $20.000 billion
Bid/cover ratio: 2.88

Number of bidders: 73

Release Date: January 29, 2008

For release at 10:00 a.m. EST
On January 28, 2008, the Federal Reserve conducted an auction of $30 billion in 28-day credit through its Term Auction Facility. Following are the results of the auction:

Stop-out rate: 3.123 percent

Total propositions submitted: $37.452 billion
Total propositions accepted: $30.000 billion
Bid/cover ratio: 1.25

Number of bidders: 52

The next TAF auction is on February 11th, 2008. The results will be announced on February 25th, 2008.

Term Auction Facility
Under the term auction facility (TAF), the Federal Reserve will auction term funds to depository institutions. All depository institutions that are eligible to borrow under the primary credit program will be eligible to participate in TAF auctions. All advances must be fully collateralized. Each TAF auction will be for a fixed amount, with the rate determined by the auction process (subject to a minimum bid rate). Bids will be submitted by phone through local Reserve Banks.

Everything you ever wanted to know about the TAF.

Money-Market Rates in Dollars Rise for First Time in a Week: “Money-market rates in dollars rose for the first time in a week.

The London interbank offered rate, or Libor, for overnight loans in dollars climbed 9 basis points to 3.24 percent today, its biggest one-day gain since Dec. 31, according to British Bankers' Association data. The three-month rate rose 5 basis points to 3.15 percent.”

Some stress is definitely creeping back into the system...

29 comments:

Anonymous said...

Ok Ninja, given the state of the economy, you may find a lot more people like me reading through the economy-oriented websites, trying to figure out what the hell is going on out there (the usual blogs I read are political).
Would appreciate if you could clarify a little for me about TAF, or direct me to a post that does.

From the feds TAF FAQ:
"(allows) the Federal Reserve to inject term funds through a broader range of counterparties and against a broader range of collateral than open market operations, this facility could help ensure that liquidity provisions can be disseminated efficiently even when the unsecured interbank markets are under stress."

1) So the purpose of the TAF is to make money available to the lenders when they've run out of cash on hand (liquidity) themselves?
2) Is the TAF new? I also saw a reference in the FAQ that said the first two auctions were in Dec. 2007.
3) Why do this as an auction?

Ben Bittrolff said...

1) Yes. The purpose is to make funds available to 'stressed' lenders. This was formerly the role of the discount window. Going to the discount window however, would tarnish an institution and was therefore avoided like the plaque because it was not anonymous.
2) The TAF is indeed brand spanking new. It was implemented in December for the very first time as a last ditch effort to get LIBOR and the EFFR back in line when they starting spiking beyond the official target rates.
3) An auction centralizes the action and the bidders are all anonymous. It also provides the Fed with an accurate measure of demand.

TheFinancialNinja

Anonymous said...

Not EXACTLY sure how connected this is, but I'm confident it is somewhat connected:

Banks out of reserves?

My apologies if you've already seen this. In any case, your thoughts would be greatly appreciated. Thanks in advance.

Anonymous said...

Another financial blogger reached the same conclusion:

http://market-ticker.denninger.net/2008/02/special-weekend-edition-are-banks-out_03.html

Anonymous said...

Thanks for revising those charts guys, *Whew*, I feel better already.

Ben Bittrolff said...

You should know that rumours this morning (Tuesday the 5th) out of Europe are of Royal Bank of Scotland having a $12.5 billion Euro funding shortfall and clearing problems. Apparently RBS also had to visit the ECB discount window.

TheFinancialNinja

Anonymous said...

How would you comment today's news that banks have borrowed further $50 billion from FED?
Actually, the number is $60, if we look at the report and it seems that's not going to slow so soon.

Anonymous said...

網頁設計,情趣用品店,情趣用品專賣網

A片,色情A片,免費A片,成人影片,色情影片,a片免費看,情色貼圖,情色文學,情色小說,色情小說
AV,AV女優

Anonymous said...

baskets puma future cat low engine noirBon March¨¦ Chaussure Sports Shop:puma future low catChaussure Puma Femme,Chaussure Puma Homme,Chaussure Nike Femme,Chaussure Nike homme,future cat low engineChaussure Sport et plus. Livraison Rapide.Paypal

Anonymous said...


免費視訊聊天,辣妹視訊,視訊交友網,美女視訊,視訊交友,視訊交友90739,成人聊天室,視訊聊天室,視訊聊天,視訊聊天室,情色視訊,情人視訊網,視訊美女
一葉情貼圖片區,免費視訊聊天室,免費視訊,ut聊天室,聊天室,豆豆聊天室,尋夢園聊天室,聊天室尋夢園,影音視訊聊天室,

辣妹視訊,美女視訊,視訊交友網,視訊聊天室,視訊交友,視訊美女,免費視訊,免費視訊聊天,視訊交友90739,免費視訊聊天室,成人聊天室,視訊聊天,視訊交友aooyy
哈啦聊天室,辣妺視訊,A片,色情A片,視訊,080視訊聊天室,視訊美女34c,視訊情人高雄網,視訊交友高雄網,0204貼圖區,sex520免費影片,情色貼圖,視訊ukiss,視訊ggoo,視訊美女ggoo
080苗栗人聊天室,080中部人聊天室ut,ut影音視訊聊天室13077,視訊做愛,kk777視訊俱樂部,上班族聊天室,聊天室找一夜,情色交友,情色貼片,小瓢蟲情色論壇,aio交友愛情館

Anonymous said...

he cold winter, does not seem too for wedding. Most recently, the cold one after another,

hangzhou air temperature pelter, let many wedding in late November bride is due a single wear

gauze or dress, will feel cold, wear too much and feel very bloated. For the bride, the winter is

the biggest test how wedding in temperature and balance between poise.

Don't be too upset, actually this season only fees cheap, marriage can create a different character "winter

wedding", also more memorable.

You can use the glittering and translucent white fairy tale, the artistic conception to dress up

oneself's wedding, choose blue, green, white ice cold tonal, decorous atmosphere to create

beautiful, Can borrow snow machine and bubble machine build indoor romantic atmosphere, snowflake,

feathers, Christmas tree, even is the element such as silver crystal, can add to your winter

wedding dreamy colour, you can even in a pile of snowman YingBinChu lovely, guests, we must take

it and will soon be well.
cheap cell phones
cheap cocktail

dresses
cheap

jewelry

ai said...

cheap ugg boots
discount ugg boots
ugg boots
classic ugg boots
ugg classic tall boots
polo boots
polo shoes

Anonymous said...

IBM 08K8218 battery
IBM 92P1089 battery
IBM Thinkpad 390 Series battery
IBM Thinkpad 390X battery
IBM ThinkPad Z61m Battery
IBM 02K7018 Battery
IBM thinkpad t41p battery
IBM THINKPAD T42 Battery
IBM ThinkPad R60 Battery
IBM ThinkPad T60 Battery
IBM ThinkPad T41 Battery
IBM ThinkPad T43 Battery
IBM ThinkPad X40 Battery
Thinkpad x24 battery
ThinkPad G41 battery
IBM thinkpad r52 battery
Thinkpad x22 battery
IBM thinkpad t42 battery
IBM thinkpad r51 battery
Thinkpad r50 battery
IBM thinkpad r32 battery
Thinkpad x41 battery
SONY VGP-BPS2 Battery
SONY VGP-BPS2C Battery
SONY VGP-BPS5 battery
SONY VGP-BPL2C battery
SONY VGP-BPS2A battery
SONY VGP-BPS2B battery
SONY PCGA-BP1N battery
SONY PCGA-BP2E battery
SONY PCGA-BP2NX battery
SONY PCGA-BP2S battery
SONY PCGA-BP2SA battery
SONY PCGA-BP2T battery

Anonymous said...

SONY PCGA-BP4V battery
SONY PCGA-BP71 battery
SONY PCGA-BP71A battery
SONY VGP-BPL1 battery
SONY VGP-BPL2 battery
Sony vgn-t2xp/s battery
Sony vaio vgn-s4xp battery
Sony vaio pcg-z1rsp battery
SONY NP-FT1 battery
SONY NP-FC10 Battery
SONY NP-F330 Battery
SONY NP-F550 Battery
SONY NP-FM50 Battery
SONY NP-FP50 Battery
SONY NP-55 Battery
SONY NP-FM70 Battery
SONY NP-33 Battery
SONY NP-F970 Battery
SONY NP-FP90 Battery
FUJITSU Lifebook C2220 battery
FUJITSU Fpcbp63 Battery
FUJITSU Fpcbp68 Battery
FUJITSU Fpcbp77 Battery
FUJITSU Fpcbp78 Battery
FUJITSU Fpcbp79 Battery
FUJITSU Fpcbp95 Battery
FUJITSU Fpcbp98 Battery
FUJITSU Fpcbp121 Battery
FUJITSU Fpcbp151 Battery
FUJITSU lifebook t4010 Battery
FUJITSU lifebook t4020d Battery
GATEWAY NX7000 battery
UNIWILL 258-4S4400-S1P1 Battery

Anonymous said...

TOSHIBA PA3307U-1BRS Battery
TOSHIBA PA3383U-1BRS Battery
TOSHIBA PA3384U-1BRS Battery
TOSHIBA PA3465U-1BRS Battery
Toshiba PA2487UR battery
Toshiba A100 Battery
Toshiba Satellite A105 battery
Toshiba A70 battery
PA3062U-1BAT battery
Toshiba Satellite P30 battery
Toshiba PA3084U-1BRS battery
Toshiba PA3098U battery
PA3107U-1BAS battery
PA3107U-1BRS battery
PA3166U-1BRS battery
PA3176U-1BAS battery
TOSHIBA PABAS076 Battery
Toshiba pa3399u-1brs battery
TOSHIBA PA3399U-2BAS Battery
TOSHIBA PA3421U-1BRS Battery
TOSHIBA PA3456U-1BRS Battery
TOSHIBA Pa3356u-1brs battery
Satellite a10 battery
Pa3331u-1brs battery
Satellite m30 series battery
Satellite pro m30 battery
TOSHIBA PA3399U-1BRS Battery

Anonymous said...

ACER TravelMate 240 Battery
ACER BT.00803.004 Battery
ACER Travelmate 4002lmi battery
Acer travelmate 800 battery
Acer aspire 3613wlmi battery
Travelmate 2414wlmi battery
Acer batcl50l battery
Acer Travelmate 2300 battery
ACER aspire 3610 battery
ACER travelmate 4600 battery
Dell Latitude D800 battery
Dell Inspiron 600m battery
Dell Inspiron 8100 Battery
Dell Y9943 battery
Dell Inspiron 1521 battery
Dell Inspiron 510m battery
Dell Latitude D500 battery
Dell Latitude D520 battery
Dell GD761 battery
Dell NF343 battery
Dell D5318 battery
Dell G5260 battery
Dell Inspiron 9200 battery
Dell Latitude C500 battery
Dell HD438 Battery
Dell GK479 battery
Dell PC764 battery

Anonymous said...

HP F4809A Battery
HP nc8000 battery
HP nc8230 battery
HP pavilion zd8000 battery
HP f2024b battery
HP f4812a battery
HP Pavilion ZV5000 battery
HP Pavilion DV1000 battery
HP Pavilion ZD7000 Battery
HP Pavilion DV2000 battery
HP Pavilion DV4000 Battery
HP Pavilion dv6000 Battery
HP Pavilion DV9000 Battery
HP F4098A battery
HP pavilion zx6000 battery
HP omnibook xe4400 battery
HP omnibook xe4500 battery
HP omnibook xe3 battery
Notebook NX9110 battery
IBM 02K6821 battery
IBM 02K7054 battery
IBM 08K8195 battery
IBM 08K8218 battery
IBM 92P1089 battery

Anonymous said...

SONY PCGA-BP2V battery
SONY PCGA-BP4V battery
SONY PCGA-BP71 battery
SONY PCGA-BP71A battery
SONY VGP-BPL1 battery
SONY VGP-BPL2 battery
Sony vgn-t2xp/s battery
Sony vaio vgn-s4xp battery
Sony vaio pcg-z1rsp battery
SONY NP-FT1 battery
SONY NP-FC10 Battery
SONY NP-F330 Battery
SONY NP-F550 Battery
SONY NP-FM50 Battery
SONY NP-FP50 Battery
SONY NP-55 Battery
SONY NP-FM70 Battery
SONY NP-33 Battery
SONY NP-F970 Battery
SONY NP-FP90 Battery
FUJITSU Lifebook C2220 battery
FUJITSU Fpcbp63 Battery
FUJITSU Fpcbp68 Battery
FUJITSU Fpcbp77 Battery
FUJITSU Fpcbp78 Battery
FUJITSU Fpcbp79 Battery
FUJITSU Fpcbp95 Battery
FUJITSU Fpcbp98 Battery
FUJITSU Fpcbp121 Battery
FUJITSU Fpcbp151 Battery
FUJITSU lifebook t4010 Battery

Nike mercurial soccer cleats said...

I like football, prefer the beautiful and stylish football shoes to introduce aNike soccer cleats.
Prefer Nike mercurial vapor superfly

Your Escort Agency said...

Your Escort Agency offers exclusive and most beautiful London escort girls of various nationalities.

Unknown said...

Mens Moncler sale Vests is the renowned high-end outerwear brand which Moncler Online created a quilted moncler vests trend in the fashion world. Never one to Moncler Outlet Store stand still in time, Moncler has always kept abreast of the latest technologies and stayed true to its origins without compromising its runway worthy style. If it has a Moncler Online Shop, it will keep you warm on top of the highest mountain and be trendy on any city street. More mens Uggs clearance at Uggs nederland for your best choice! ugg australia boots is the most professional down coat in the world.Using the selected materials and sophisticated technology, Ugg outlet store Down Coats have good heat preservation and excellent anti-wind features.All of the mens down coat sale at our moncler outlet store are famous for their high quality and fashion styles.When you were in, you will feel comfortable and will be the fashional guy in the cold winter.Moncler Mens Jackets-many new styles jackets for customers.These jackets are in many colors very stylish and warm.Long coats or short down jackets for men are the perfect option for you.Moncler jacket is your best choice in cold winter.You can have a special feeling while you are wearing it.More the other moncler down jacket,moncler jackets australia at moncler outlet store.

ugg boots outlet said...

UGG أستراليا لديه سمعة جيدة لجعل بعض من أفضل حذاء جلد الغنم على هذا الكوكب. أحذيتهم هو أنيق جدا ومتطورة وشعبية.uggs clearance إذا كنت نلقي نظرة في أي مدينة كبيرة في البلاد، وسوف تكون ملزمة لك لرؤية شخص واحد من الأحذية على.uggs clearance تمت كتابة هذا المقال أن ننظر إلى الأحذية لون واحد من هذه الشركة على وجه الخصوص ، Boots.Even UGG الأسود رغم أن هناك العديد من خيارات الألوان المختلفة المتوفرة من الشركة، وأكثرها شيوعا هو UGG بووتس في الأسود. ويمكن عزو هذه الأحذية شعبية جيدة لكيفية ظهورهما على القدمين ، فضلا عن كونها مباراة رائعة لمجموعة واسعة من ملابس. إذا كنت تأخذ أي وقت مضى نظرة على شخص يرتدي تظهر نفسها، ستلاحظ أن تبدو عصرية جدا وأنيقة. هذه الأحذية هي التي تعطي لهم أن الجاذبية المضافة.ugg coupon هي وضعت أحذية سوداء UGG باستخدام أعلى جودة وأفضل الغنم حولها.ugg boots outlet والغنم التي استخدمت في انشاء هذه الأحذية غير المزدوج التي تواجهها. هذه المواد تحتوي على ضعف الجانب الصوف الناعم على جانب واحد من جلد الغزال، من جهة أخرى. هذه المواد عند استخدامها لخلق الأحذية ، والنتائج في التمهيد الذي لينة جدا و<.The التي تم إنشاؤها باستخدام هذا الغنم أرفع دائما مريحة وناعمة ومريحة، ناهيك دائم. والغنم المستخدمة في إنشاء هذا التمهيد ، ويسمح لها الفتيل بعيدا بسهولة الرطوبة. وهذا يعني أن القدمين ستبقى دائما باردة. فهو يساعد أيضا على أن التمهيد للتنفس، وهو ما يعني أن الهواء غير قادرين على التحرك بحرية، مما أدى إلى feet.There جافة ومريحة والعديد من الأساليب المختلفة للأحذية الأسود المتاحة والأمر متروك لكم لاختيار الحذاء الذي هو حق لك.ugg australia uk شيء واحد لا يضمن لك، هو التمهيد مريح ودافئ، وسوداء اللون مذهلة.Cheap Ugg UK هذا هو منتج للغاية وأوصت وأنت لن يندم تملك نفسك الزوج.UGG Outlet Store الحصول على واحد اليومuggs clearance
moncler online shop!

Unknown said...

Suo Ni Moncler sale will be in Uggs on clearance this hold industry Uggs clearance that Zhou San is in uggs clearance Germany exhibits the flat computer that it Moncler online rolls out on the meeting. Moncler Outlet Store Exhibit when this kind of code name was in Tokyo this year in April for the flat computer of S1 exhibit first on the meeting. This flat computer configures 9.4 inches of indication screen. Another flat computer is renovate type, configure two 5.5 inches of indication screen. Computer of these two flat uses Gu Ge Android honeycomb operating system. The flat computer that the function that Suonixi looks at to be able to visit game of Uggs clearance plane of sport of generation PS and the unique curvilinear design of odd indication screen will make flat Uggs boots on sale computer of Suo Ni is having a variety of 100 IPad challenger shows itself in the market. But, the analyst expresses, the price that Suo Moncler jackets outlet Ni is about to announce perhaps is critical factor.Jeff Loff of analyst of Macquarie Moncler Online Shop stockjobber electron says, we fear Uggs nederland S1 flat computer Cheap uggs boots may fix a price too Moncler outlet store tall (approach 600 dollars) Uggs sale clearance cause a sale not free. Uggs sale We think design of Uggs boots outlet S2 renovate type Uggs boots clearance may fail.

London escorts said...

Bestescort4U agency provids best London escorts companionship in the UK.

credit score repair said...

nice post and blog, thanks for the posting.

Unknown said...

Really nice post, you got great blog and Thank you for sharing This excellently written content. Waiting for next one.

HP - ENVY Touch-Screen Ultrabook 14" Laptop - 4GB Memory - 500GB Hard Drive - Midnight Black

HP - Geek Squad Certified Refurbished 15.6" Laptop - 6GB Memory - Midnight Black

Lehenga sarees said...

It exhausting to find knowledgeable individuals on this subject, but you sound like you already know what you are speaking about! Thanks

Đồ gia dụng said...

Máy tính để bàn là một thiết bị không thể thiếu với thời đại công nghệ thông tin như hiện nay. Cũng như hầu hết các thiết bị điện tử khác máy tính để bàn cũng gặp một vài sự cố nhất định trong quá trình sử dụng. Vậy những sự cố đó là gì và cách khắc phục ra sao. Trong thông tin bài viết này chúng tôi sẽ chia sẻ tới bạn 5 sự cố thường gặp khi sử dụng máy tính để bàn và cách khắc phục. Nếu bạn cũng đang sử dụng máy tính để bàn để làm việc. Hãy tham khảo thông tin ở bài viết dưới đây nhé
https://www.diigo.com/annotated/d814109f8a06d75bc78968592cdd6a54

Đồ gia dụng said...

http://www.catloc.vn/threads/115335-cach-tot-nhat-de-tim-duoc-dia-chi-ban-cua-luoi-chong-muoi-chi-trong-15-phut.html#post148656
http://penetron.vn/threads/157501-meo-tim-dia-chi-ban-cua-luoi-chong-muoi.html#post158900
http://www.catloc.vn/threads/115335-cach-tot-nhat-de-tim-duoc-dia-chi-ban-cua-luoi-chong-muoi-chi-trong-15-phut.html#post148656
http://penetron.vn/threads/157501-meo-tim-dia-chi-ban-cua-luoi-chong-muoi.html#post158900
http://phimbomtan.edu.vn/threads/95857-Mach-ban-cach-tim-dia-chi-ban-cua-luoi-chong-muoi-chi-voi-15-phut.html#post118544
http://tours.bpsc.vn/threads/116812-meo-hay-de-tim-dia-chi-ban-cua-luoi-chong-muoi.html#post116811
http://vangnutrang.com.vn/threads/155230-bi-quyet-de-tim-dia-chi-ban-cua-luoi-chong-muoi.html#post155430
http://fiboweb.vn/threads/149480-bi-quyet-tim-cua-luoi-chong-muoi-chia-se-tu-me-bim-sua.html#post150749
http://www.vtld.com.vn/threads/243020-Ban-chi-mat-15-phut-de-tim-dia-chi-ban-cua-luoi-chong-muoi-neu-tim-theo-cach-nay.html#post244193