Let this sink in: So in just two days (yesterday and today) the Fed is printing an amount of money roughly equal to the entire market cap of Bitcoin... but Bitcoin is somehow the problem and the Fed is somehow serving the best interests of the public. I

Title Credit to u/claytonkb

Original CNN article

It was the NY Fed's first such rescue operation in a decade, the last occurring in late 2008. "It's unprecedented, at least in the post-crisis era," said Mark Cabana, rates strategist at Bank of America Merrill Lynch.

On Tuesday morning, the NY Fed launched what's called an "overnight repo operation," during which the central bank attempts to ease pressure in markets by purchasing Treasuries and other securities. The goal is to pump money into the system to keep borrowing costs from creeping above the Fed's target range.

"The funding markets are clearly stressed," said Guy LeBas, managing director of fixed income strategy at Janney Capital Markets. "It's going to require Fed action." The NY Fed announced plans late Tuesday to hold another repurchase agreement operation on Wednesday that would aim to repurchase up to an additional $75 billion.

WTF!... casually they printed 53 billion yesterday out of thin air and are going to print 75 billion more today!?

Submitted September 18, 2019 at 01:37PM by simplelifestyle https://ift.tt/2Ap3F38