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Todd Harrison: "The Intervening Fed"

Espaço dedicado a todo o tipo de troca de impressões sobre os mercados financeiros e ao que possa condicionar o desempenho dos mesmos.

por Festeiro » 11/3/2008 15:04

Saudações
Isto cheira-me a desepero... :?
Por tudo isso, não me espantaria que mesmo hoje os states fechassem muito abaixo desta abertura fulgurante.
Boa sorte
As palavras levam à exaltação, os números à meditação.
 
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por acintra » 11/3/2008 14:54

Pode ser mais um tiro em vão e injusto para aqueles que não estão endividados e que sempre cumpriram. Estas manobras apesar de necessárias ou não, depende da opinião de cada um, favorecem e recomendam o endividamento sem preocupações de particulares, instituições de crédito, bancos...
Creio que assim adia-se o problema eternamente e vive-se a balões de oxigénio. Resta saber até quando, visto que estão a engordar o problema.

Fed injecting $200B to lending program
In effort to increase liquidity, U.S. central bank works with other central banks to announce the expansion of lending facilities.

Last Updated: March 11, 2008: 9:12 AM EDT


WASHINGTON (AP) -- The Federal Reserve on Tuesday announced it is ramping up efforts to provide more relief in the spreading credit crisis, saying it will make up to $200 billion in cash available to cash-strapped financial institutions.

The Fed said it will lend the money to financial institutions for a term of 28 days, rather than overnight. The action is being coordinated with central banks in other countries to try to provide help in a global credit crises that threatens to push the U.S. economy into its first recession since 2001 if it hasn't already.

"Pressures in some of these markets have recently increased again," the Fed said in a statement. "We all continue to work together and will take appropriate steps to address those liquidity pressures." The other banks involved are the Bank of Canada, the Bank of England, the European Central Bank, the Federal Reserve, and the Swiss National Bank.

In addition, the Fed has authorized increases in existing programs called "swap lines" with the European Central Bank and the Swiss National Bank

"These arrangements will now provide dollars in amounts of up to $30 billion and $6 billion to the ECB and the SNB respectively," the Fed said, extending the term of these swap lines through Sept. 30.

The new lending initiative "is intended to promote liquidity in the financing markets for Treasury and other collateral and thus to foster the functioning of financial markets more generally," the Fed said. Its announcement said that securities will be made available through an auction process on a weekly basis beginning March 27.

The new program, called the Term Securities Lending Facility (TSLF), is geared to provide primary dealers -- big investment firms that trade directly with the Fed -- with short-term loans. They would pledge other securities -- including federal agency debt, federal agency residential-mortgage-backed securities -- as collateral for the loans.

The loans would be made available through an auction process. Auctions will be held on a weekly basis, beginning on March 27, 2008.

The Fed since December has been making short-term loans available to banks through a new auction facility. It has provided $160 billion available to squeezed banks in hopes it will help them to continue lending to individuals and companies.

Last week, the Fed announced that it would increase the amount of loans it plans to make available to banks this month to $100 billion. At the same time, it said it would make another $100 billion available to a broad range of financial players through a series of separate transactions.

The Fed has been working to pump billions of dollars into the banking system to aid an economy rocked by the subprime mortgage crisis and the severe tightening of credit.

A meltdown in the housing and credit markets has made banks and other financial institutions reluctant to lend to each other, causing a cash crunch. Financial companies wracked up multibillion-dollar losses as investments in mortgage-backed securities soured with the housing market's bust. Problems first started in the market for subprime mortgages-- those made to people with blemished credit histories. However, troubles have spread to other areas.

The picture worsened just after the Fed's announcement Friday, when the Labor Department released a report showing employers slashed another 63,000 jobs in February, the most in five years.
Um abraço e bons negócios.

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por lutav » 11/3/2008 14:52

eu acho que é varrer para debaixo do tapete... seja como for, para quem ainda tiver posicoes longas, é ir aproveitando para fechar; quem ta liquido, pode ter boas oportunidades para rebounds..... mas se a corda estica para o lado do FED (com evidente prejuizo da economia/classe média dos EUA), vai ser um sarilho..

beijos e abraços
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por Sulla » 11/3/2008 14:51

O mercado vai seguir o seu caminho.
Estas notícias dão horas ou dias de euforia mas depois a coisa segue o caminho que tem que seguir.
Fico satisfeito por ver que estes movimentos já não mechem com o meu ritmo cardíaco...ou não! :wink:
"Na dúvida, mais vale perder uma oportunidade de ganhar do que ganhar a oportunidade de perder" - SVLLA
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por TP1 » 11/3/2008 14:50

Mas... digam-me pf uma coisa. Isto resove mesmo, ou vai adiar o prob? Qual a opinião? È cedo para tirar conclusões?
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por Ulisses Pereira » 11/3/2008 14:46

A FED parece mesmo disposta a tudo para salvar o mercado, quase tomando os riscos que seria suposto a Banca tomar. Parece uma semni-nacionalização. 8-)

Um abraço,
Ulisses
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Todd Harrison: "The Intervening Fed"

por Ulisses Pereira » 11/3/2008 14:35

"Answers I Really Wanna Know: The Intervening Fed"
Todd Harrison
Mar 11, 2008 9:18 am



" Hey, let's try this and see if it sticks?


Will the Federal Reserve continue to invent mechanisms of intervention until something finally sticks?


With this new “Term Securities Lending Facility” accepting agency and private mortgage debt as collateral, will we again push risk further out on the curve?


How can we read the headlines without the word “socialization” repeating over and over and over again in our heads?


Isn't it interesting that the dollar isn't lower on this news?


Given how the drillers traded yesterday--coupled with the $110 price target that Professor Adam Michael recently shared--is the stealth play, rather than chasing stocks, to short the OSX names into an opening pop?


Was yesterday’s decision to go home long stocks—the first such time in months—the textbook definition of “better lucky than smart?”


If you didn’t catch that, why not give the Buzz & Banter a free trial?


Are we gonna have to invent a new alphabet for the Fed?


What happens to your lap when you stand up?


How long will the convention definition of a recession (back-to-back quarters of negative GDP) continue to be respected?


I mean, seriously, we never entered a recession at the turn of the century despite an organic two-for-one split in the S&P?


Did I just hear Billy Meehan giggle?


Are you watching S&P 1310, DJIA 12000 and BKX 77.80—the January lows—as initial resistance into this rip?


If posing a question can supposedly trigger a wave of selling, what does that say about the level of anxiety in the marketplace?


If Applied Materials (AMAT) can rally 15% while the NDX is down 20%, how will it act when the tape eventually turns?


Can the market bottom with the VXO (volatility index) half way to previous pain fulcrums?


What does it say that yesterday’s constructive muse on the financials was met with the same scrunched noses as last summer’s cautionary column?


Was yesterday’s relative traction in the consumer non-durables a sign that one of our Ten Themes is ready to scream?


Just as Schering Plough (SGP) dips into the teenage wasteland?


Wouldn’t it be ironic if Eliot Spitzer sparked a trading rally?


Will Google (GOOG) again tag $500?


Will I still be there when it does?


What does it say that the drillers act punk with crude ripping higher?


Do you take the little things in life for granted? "

(in www.minyanville.com)
"Acreditar é possuir antes de ter..."

Ulisses Pereira

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