The official Fed Funds target rate is 5.25%, but the effective rate is currently around 4.79% - this is the average at which Fed Fund transactions between banks have actually been taking place during the past 7-8 days. The Federal Reserve is supposed to intervene in the interbank money market to maintain its target rate, but it has not been doing so.
Since a variety of adjustable rate loans use the official Fed Funds rate as a benchmark, the Fed's lack of action is a direct gift to lenders who continue to pocket the 5.25%+spread rate on their loans, while their cost of funds has gone down almost 50 b.p. - at least for the portion that is related to the interbank market. A fifty basis point gift may not sound like much, but in banking it is huge. It is also conclusive evidence of unofficial easing which, if it goes on past this week, should start raising some awkward questions. For example, why is the Fed penalizing household borrowers for the benefit of the banks?
....and after those lines were written, the Fed gave another gift: it cut the Discount rate 50 bp. This is the rate at which banks borrow from the Fed against security collateral, including MBS. But they left the Fed Funds rate unchanged. This is Prof. Bernanke's first test and he seems to like muddy solutions.
Since a variety of adjustable rate loans use the official Fed Funds rate as a benchmark, the Fed's lack of action is a direct gift to lenders who continue to pocket the 5.25%+spread rate on their loans, while their cost of funds has gone down almost 50 b.p. - at least for the portion that is related to the interbank market. A fifty basis point gift may not sound like much, but in banking it is huge. It is also conclusive evidence of unofficial easing which, if it goes on past this week, should start raising some awkward questions. For example, why is the Fed penalizing household borrowers for the benefit of the banks?
....and after those lines were written, the Fed gave another gift: it cut the Discount rate 50 bp. This is the rate at which banks borrow from the Fed against security collateral, including MBS. But they left the Fed Funds rate unchanged. This is Prof. Bernanke's first test and he seems to like muddy solutions.
Maybe they (Fed) is trying to force the little guys into rescuing the financial system.
ReplyDeleteof course no. if you want to stabilise the financial system you have to help the banks. they have the power to create money which is not the cas with individuals. it is cynical but pragmatic. sorry for the ethics but these is not the topic of the day
ReplyDeleteMiju
Dear miju,
ReplyDeleteNo I am sorry, I do not agree with you. Keeping the benchmark rate fixed while allowing the effective rate to drop is an egregious form of bailout and selective favoritism. It further encourages the "Fed put" theory and the assumption of too much risk by banks. This de-stabilizes the financial system and creates the conditions.
As I write these words the Fed cut the discount rate by 50 bp, leaving the Fed Funds rate unchanged. This is the rate at which banks borrow from the Fed against appropriate collateral.
Hellasious, it is easy to understand, the FED is a cabal signed into law to benefit the banks. Any actions that benefit, in this case, the homeowner, is purely coincidental.
ReplyDeletemover mike :
ReplyDeletedo not be sour : you have to admit that in the liberal system you need the banks and you need them in good shape and banks in good shape is good for you and me.
to hellasious : i agree , the move of the fed can add to the greenspan put but today you can not leave everything fall. First secure and then punish, that is my philosphy. but having said that a drop in the discount rate looks more like an "emplâtre" and this is not adressing the fundamental problems laying in the excess of debt
The jury is stil out for me...
ReplyDeleteI'm hoping that Wall Street has it wrong. The Federal Reserve has cut the discount rate because they aren't intending on cutting the Federal Funds rate.
I can't see how the Federal Reserve can cut the Federal Funds rate and maintain credibility.
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sweet apples -
sweet danni -
sweet kacey -
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sweet krissy -
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sweet vids -
tailynn -
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teenage depot -
teen charms -
teen kara -
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tere 19 -
throated -
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tiny gwen -
total super cuties -
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toy stuffers -
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adorable allie -
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all ashlee -
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all over lexi -
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ann angel -
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ashlee and serena -
ashley brookes -
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beautiful bri -
beckys love -
bella spice -
big blowjob chicks -
big older women -
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blazing vids -
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brandy jacobs -
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casey parker -
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doms delight -
do my wife slut -
dream of dani -
drilled mouths -
durty girls -
easy teen sluts -
elite movie pass -
ember 19 -
emily 18 -
emilys world -
ericas fantasies -
eva luv -
eva virgin -
exotic kisses -
explicit art -
far east desires -
fiona luv -
first gay orgy -
fishnet models -
fruity babes -
fruity files -
fruity toys -
ftv girls -
full bush -
fun brunettes -
gia la shay -
girlfriend handjobs -
gotta love lucky -
guys caught wanking -
guys get fucked -
gypsy kay -
hailee jordan -
hands on hardcore -
hardcore saints -
hot braces -
hot legs and feet -
hot pool girls -
hot wife rio -
i cum alone -
i heart eden -
jacy andrews -
janet plays -
jen 18 -
jennas wish -
jenna virgin -
jenni carmichael -
jessica virgin -
jessie brooks -
jody love -
joi ryda -
just teen site -
kandis clubhouse -
karas handfull -
karen and amy -
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karen loves kate -
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kari sweets -
karla spice -
kates playground -
kathy ash -
katrina 18 -
kaylas clubhouse -
kelly madison -
kendall blaze -
kimmie cream -
kira dreams -
kiss kristin -
kitty leigh -
kori kitten -
krissy love -
k scans -
kylies secret -
lainey moore -
lana brooke -
latin teen pass -
la zona modelos -
leia loves you -
lesbo mat -
lia 19 -
lick me girl -
little miss freckles -
lolly pop blowjobs -
love leialovely marilyn -
love your tits -
lunas cam -
luv alicia -
luv nikki -
maniac pass -
mariah spice -
marketa 4 you -
martina dreams -
matts models -
meat my ass -
megan michaels -
megan qt -
mega summers -
melissa midwest -
meredith 18 -
met art -
miami voyeur -
milfs on sticks -
molly meadows -
monster movie pass -
my pov bj -
my wife ashley -
nadia virgin -
naomi model -
nasty 19 -
natalie 18 -
natalie sparks -
naughty alysha -
naughty at home -
naughty belle -
naughty chrissy -
naughty dom -
naughty faith -
naughty girls zips -
naughty starri -
nebraska coeds -
next door nikki -
nina virgin -
no limit vids -
nubiles -
oc girls -
office gals -
older women -
only blowjob -
only tease -
only teen blowjobs -
open up girls -
pacinos world -
panty girl upskirts -
parkers panties -
paul markham teens -
peachez 18 -
phil flash -
pictures of dudes -
piper dreams -
play with paris -
plunder bunnies -
poolside giovanni -
poolside kelly -
porn fidelity -
porn flux -
princess blueyez -
pure dee -
rare asian -
rare asians -
real 8 teens -
real pantyhose teens -
rebecca love -
rock star pixies -
sapphic angels -
sara cutie -
sarah dreaming -
savanna virgin -
seanna teen -
selena luv -
selena spice -
serenity love -
sexxxy celeste -
sexy sindy -
sexy teen ella -
sexy teen sandy -
shabby virgins -
shana dreams -
shanes world -
share my cock -
sharing paris -
she got knocked up -
shelby virgin -
shy black teens -
sierra love -
simon scans -
sky modeling -
sleeping tushy -
slutty gal pals -
smokin hottie -
southern brooke -
southern kalee -
spice twins -
spoiled virgins -
spring break fantasy -
spunk bunnies -
spunky zips -
stacey online -
starla rocks -
stockings angels -
straight guys voyeur -
strapon lesbians -
strapon service -
stuffed petite -
stunning misty -
stunning serena -
suki model -
summer banks -
summer party time -
suzy stevens -
sweet adri -
sweet apples -
sweet danni -
sweet kacey -
sweet kara -
sweet krissy -
sweet leah luv -
sweet models -
sweet n soft -
sweet russian girls -
sweet vids -
tailynn -
taras cam -
taryn thomas -
taste of uk -
teenage depot -
teen charms -
teen kara -
teen stars magazine -
tere 19 -
throated -
tiffany teen -
tiny gwen -
total super cuties -
toy desire -
toy stuffers -
trailer park tiffany -
trinitys toybox -
trista stevens -
trixie storm -
tushy lickers -
tushy massage -
tushy school -
twinks -
uk porn sluts -
vicky vane -
victoria holyns -
victoria pink -
view pornstars -
vika dreams -
virtual bjs -
watch 4 beauty -
wet tshirt -
why be dressed -
wild young honeys -
wow wendy -
x crib -
x gape -
x lez -
x movies -
you love lucy -
young and banged -
young cum gulpers -
young models casting -
zexy teens -
squirt hunter -
1by day -
18 virgin sex -
702 daisy -
1000 facials -
abigail 18 -
abrianna -
action girls -
adorable allie -
alexa model -
alexis virgin -
alicia rhodes -
all ashlee -
allison virgin -
all over lexi -
all ruth -
amateur facials -
amateur galore -
amazing ty -
amber kelly -
amy amy amy -
amy virgin -
angelina virgin -
anna 19 -
ann angel -
annas assets -
anna virgin -
ashlee and serena -
ashley brookes -
asian suck dolls -
ass like whoa -
ass terdam -
aubrey addams -
aunt judys -
bad tushy -
beautiful bri -
beckys love -
bella spice -
big blowjob chicks -
big older women -
big wet butts -
bikini voyeur -
blazing vids -
blonde passions -
brandy jacobs -
brandys box -
bratty brittany -
britney virgin -
brutal dildos -
bums in action -
caged tushy -
cam girls planet -
candi malone -
casey parker -
caseys cam -
cassandra calogera -
cassie leanne -
cheaper than agf -
cherry jul -
cherry spot -
claudia nichols -
club cherries -
college town cuties -
cory heart -
country cutie -
courtney virgin -
creampied sweeties -
creampie thais -
cum 101 -
cum academy -
cute anne -
cute chloe -
cute lisa -
cutie pie teens -
cynthia sin -
danni virgin -
danya licious -
ddf busty -
diddy and serena -
diddy licious -
digital angel girls -
dirty home vids -
doctor tushy -
dollie deathray -
doms delight -
do my wife slut -
dream of dani -
drilled mouths -
durty girls -
easy teen sluts -
elite movie pass -
ember 19 -
emily 18 -
emilys world -
ericas fantasies -
eva luv -
eva virgin -
exotic kisses -
explicit art -
far east desires -
fiona luv -
first gay orgy -
fishnet models -
fruity babes -
fruity files -
fruity toys -
ftv girls -
full bush -
fun brunettes -
gia la shay -
girlfriend handjobs -
gotta love lucky -
guys caught wanking -
guys get fucked -
gypsy kay -
hailee jordan -
hands on hardcore -
hardcore saints -
hot braces -
hot legs and feet -
hot pool girls -
hot wife rio -
i cum alone -
i heart eden -
jacy andrews -
janet plays -
jen 18 -
jennas wish -
jenna virgin -
jenni carmichael -
jessica virgin -
jessie brooks -
jody love -
joi ryda -
just teen site -
kandis clubhouse -
karas handfull -
karen and amy -
karen dreams -
karen loves kate -
karen palms -
kari sweets -
karla spice -
kates playground -
kathy ash -
katrina 18 -
kaylas clubhouse -
kelly madison -
kendall blaze -
kimmie cream -
kira dreams -
kiss kristin -
kitty leigh -
kori kitten -
krissy love -
k scans -
kylies secret -
lainey moore -
lana brooke -
latin teen pass -
la zona modelos -
leia loves you -
lesbo mat -
lia 19 -
lick me girl -
little miss freckles -
lolly pop blowjobs -
love leialovely marilyn -
love your tits -
lunas cam -
luv alicia -
luv nikki -
maniac pass -
mariah spice -
marketa 4 you -
martina dreams -
matts models -
meat my ass -
megan michaels -
megan qt -
mega summers -
melissa midwest -
meredith 18 -
met art -
miami voyeur -
milfs on sticks -
molly meadows -
monster movie pass -
my pov bj -
my wife ashley -
nadia virgin -
naomi model -
nasty 19 -
natalie 18 -
natalie sparks -
naughty alysha -
naughty at home -
naughty belle -
naughty chrissy -
naughty dom -
naughty faith -
naughty girls zips -
naughty starri -
nebraska coeds -
next door nikki -
nina virgin -
no limit vids -
nubiles -
oc girls -
office gals -
older women -
only blowjob -
only tease -
only teen blowjobs -
open up girls -
pacinos world -
panty girl upskirts -
parkers panties -
paul markham teens -
peachez 18 -
phil flash -
pictures of dudes -
piper dreams -
play with paris -
plunder bunnies -
poolside giovanni -
poolside kelly -
porn fidelity -
porn flux -
princess blueyez -
pure dee -
rare asian -
rare asians -
real 8 teens -
real pantyhose teens -
rebecca love -
rock star pixies -
sapphic angels -
sara cutie -
sarah dreaming -
savanna virgin -
seanna teen -
selena luv -
selena spice -
serenity love -
sexxxy celeste -
sexy sindy -
sexy teen ella -
sexy teen sandy -
shabby virgins -
shana dreams -
shanes world -
share my cock -
sharing paris -
she got knocked up -
shelby virgin -
shy black teens -
sierra love -
simon scans -
sky modeling -
sleeping tushy -
slutty gal pals -
smokin hottie -