Friday, August 17, 2007

A 50 bp Gift From The Fed

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.

11 comments:

  1. Maybe they (Fed) is trying to force the little guys into rescuing the financial system.

    ReplyDelete
  2. of 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
    Miju

    ReplyDelete
  3. Dear miju,

    No 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.

    ReplyDelete
  4. 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.

    ReplyDelete
  5. mover mike :
    do 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 "empl√Ętre" and this is not adressing the fundamental problems laying in the excess of debt

    ReplyDelete
  6. The jury is stil out for me...

    I'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.

    ReplyDelete
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