Tuesday, April 12, 2011

NY Fed POMO Schedule 4/13- 5/11/2011

The Federal Reserve Bank of New York announced the POMO schedule from 4/13 to 5/11/2011.

Purchases associated with principal payments from agency and agency MBS have dropped from $30-32 billion level when the QE2 started in November 2010. In February-March 2011, they dropped to $17 billion, and it has remained at $17-20 billion.

"Across all operations in the schedule listed below, the Desk plans to purchase approximately $97 billion. This represents $80 billion in purchases of the announced $600 billion purchase program and $17 billion in purchases associated with principal payments from agency debt and agency MBS expected to be received between mid-April and mid-May."

Operation Date1 Settlement Date Operation Type2 Maturity
Range		 Expected Purchase Size
April 13, 2011 April 14, 2011 Outright Treasury Coupon Purchase 10/15/2012-09/30/2013 $4 - $6 billion
April 14, 2011 April 15, 2011 Outright Treasury Coupon Purchase 05/15/2018-02/15/2021 $6 - $8 billion
April 15, 2011 April 18, 2011 Outright Treasury Coupon Purchase 04/30/2015-09/30/2016 $5 - $7 billion
April 18, 2011 April 19, 2011 Outright Treasury Coupon Purchase 08/15/2028-02/15/2041 $1.5 - $2.5 billion
April 19, 2011 April 20, 2011 Outright Treasury Coupon Purchase 10/31/2013-03/31/2015 $5 - $7 billion
April 20, 2011 April 21, 2011 Outright TIPS Purchase 04/15/2013-02/15/2041 $1 - $2 billion
April 25, 2011 April 26, 2011 Outright Treasury Coupon Purchase 10/31/2016-03/31/2018 $6 - $8 billion
April 26, 2011 April 27, 2011 Outright Treasury Coupon Purchase 05/15/2021-11/15/2027 $1.5 - $2.5 billion
April 28, 2011 April 29, 2011 Outright Treasury Coupon Purchase 04/30/2015-09/30/2016 $5 - $7 billion
April 29, 2011 May 2, 2011 Outright Treasury Coupon Purchase 10/31/2013-03/31/2015 $5 - $7 billion
May 2, 2011 May 3, 2011 Outright Treasury Coupon Purchase 05/15/2018-02/15/2021 $6 - $8 billion
May 3, 2011 May 4, 2011 Outright Treasury Coupon Purchase 11/15/2016-05/02/2018 $6 - $8 billion
May 4, 2011 May 5, 2011 Outright TIPS Purchase 04/15/2013-02/15/2041 $1 - $2 billion
May 5, 2011 May 6, 2011 Outright Treasury Coupon Purchase 08/15/2028-02/15/2041 $1.5 - $2.5 billion
May 6, 2011 May 9, 2011 Outright Treasury Coupon Purchase 11/15/2013-04/30/2015 $5 - $7 billion
May 9, 2011 May 10, 2011 Outright Treasury Coupon Purchase 05/15/2018-02/15/2021 $6 - $8 billion
May 10, 2011 May 11, 2011 Outright Treasury Coupon Purchase 05/15/2015-10/31/2016 $5 - $7 billion
May 11, 2011 May 12, 2011 Outright Treasury Coupon Purchase 11/15/2016-05/02/2018 $6 - $8 billion

at 4:01 PM 0 comments  

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Thursday, March 10, 2011

NY Fed POMO Schedule 3/14 - 4/11/2011

From the Federal Reserve New York:

Across all operations in the schedule listed below, the Desk plans to purchase approximately $102 billion. This represents $80 billion in purchases of the announced $600 billion purchase program and $22 billion in purchases associated with principal payments from agency debt and agency MBS expected to be received between mid-March and mid-April.

Operation Date1 Settlement Date Operation Type2 Maturity
Range		 Expected Purchase Size
March 14, 2011 March 15, 2011 Outright Treasury Coupon Purchase 05/15/2018 – 02/15/2021 $6.5 - $8.5 billion
March 16, 2011 March 17, 2011 Outright Treasury Coupon Purchase 03/31/2015 – 08/31/2016 $5.5 - $7.5 billion
March 17, 2011 March 18, 2011 Outright Treasury Coupon Purchase 09/30/2013 – 02/28/2015 $5.5 - $7.5 billion
March 18, 2011 March 21, 2011 Outright TIPS Purchase 04/15/2013 – 02/15/2041 $1 - $2 billion
March 21, 2011 March 22, 2011 Outright Treasury Coupon Purchase 08/15/2028 – 02/15/2041 $1.5 - $2.5 billion
March 22, 2011 March 23, 2011 Outright Treasury Coupon Purchase 09/30/2016 – 02/28/2018 $6.5 - $8.5 billion
March 23, 2011 March 24, 2011 Outright Treasury Coupon Purchase 05/15/2018 – 02/15/2021 $6.5 - $8.5 billion
March 24, 2011 March 25, 2011 Outright Treasury Coupon Purchase 09/30/2013 – 02/28/2015 $5.5 - $7.5 billion
March 25, 2011 March 28, 2011 Outright Treasury Coupon Purchase 09/30/2012 – 09/15/2013 $4 - $6 billion
March 28, 2011 March 29, 2011 Outright Treasury Coupon Purchase 03/31/2015 – 08/31/2016 $5.5 - $7.5 billion
March 29, 2011 March 30, 2011 Outright TIPS Purchase 04/15/2013 – 02/15/2041 $1 - $2 billion
March 30, 2011 March 31, 2011 Outright Treasury Coupon Purchase 10/15/2013 – 02/28/2015 $5.5 - $7.5 billion
March 31, 2011 April 1, 2011 Outright Treasury Coupon Purchase 05/15/2021 – 11/15/2027 $1.5 - $2.5 billion
April 4, 2011 April 5, 2011 Outright Treasury Coupon Purchase 10/31/2016 – 03/31/2018 $6.5 - $8.5 billion
April 5, 2011 April 6, 2011 Outright Treasury Coupon Purchase 05/15/2018 – 02/15/2021 $6.5 - $8.5 billion
April 6, 2011 April 7, 2011 Outright Treasury Coupon Purchase 08/15/2028 – 02/15/2041 $1.5 - $2.5 billion
April 7, 2011 April 8, 2011 Outright Treasury Coupon Purchase 04/30/2015 – 09/30/2016 $5.5 - $7.5 billion
April 11, 2011 April 12, 2011 Outright Treasury Coupon Purchase 10/31/2016 – 03/31/2018 $6.5 - $8.5 billion

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Thursday, February 10, 2011

NY Fed POMO Schedule 2/11 - 3/9/2011

The Federal Reserve Bank of New York will conduct the following permanent open market operations (POMO) from February 11 to March 9, 2011. The total purchase amount will be about $97 billion, of which $80 billion is part of $600 billion QE2 and $17 billion as part of QELite (replacement of agency/MBS as they're paid back).

It is $14 billion less than the last POMO, but as the Treasury Department is unwinding the SFP (Supplementary Financing Program) for the Fed by not replenishing the SFP account (which swelled to $200 billion by $25 billion per week auction of CMBs) as the debt limit approaches, the Primary Dealers will have additional billions that they could deploy elsewhere.

The current release (2/10/2011) of the Federal Reserve's Balance Sheet shows the SFP account at about $175 billion, $25 billion less than last week.


Operation Date1
Settlement Date
Operation Type2
Maturity
Range
Expected Purchase Size
February 11, 2011
February 14, 2011
Outright Treasury Coupon Purchase
08/15/2016 – 01/31/2018
$6 – $8 billion
February 14, 2011
February 15, 2011
Outright TIPS Purchase
04/15/2013 – 02/15/2040
$1 – $2 billion
February 15, 2011
February 16, 2011
Outright Treasury Coupon Purchase
02/28/2015 – 08/15/2016
$5 – $7 billion
February 16, 2011
February 17, 2011
Outright Treasury Coupon Purchase
05/15/2021 – 11/15/2027
$1.5 – $2.5 billion
February 17, 2011
February 18, 2011
Outright Treasury Coupon Purchase
05/15/2018 – 02/15/2021
$6 – $8 billion
February 18, 2011
February 22, 2011
Outright Treasury Coupon Purchase
08/31/2013 – 02/15/2015
$5 – $7 billion
February 22, 2011
February 23, 2011
Outright Treasury Coupon Purchase
08/31/2016 – 02/15/2018
$6 – $8 billion
February 23, 2011
February 24, 2011
Outright Treasury Coupon Purchase
08/15/2028 – 02/15/2041
$1.5 – $2.5 billion
February 24, 2011
February 25, 2011
Outright Treasury Coupon Purchase
08/31/2012 – 08/15/2013
$4 – $6 billion
February 25, 2011
February 28, 2011
Outright Treasury Coupon Purchase
05/15/2018 – 02/15/2021
$6 – $8 billion
February 28, 2011
March 1, 2011
Outright Treasury Coupon Purchase
08/31/2013 – 02/15/2015
$5 – $7 billion
March 1, 2011
March 2, 2011
Outright Treasury Coupon Purchase
08/15/2028 – 02/15/2041
$1.5 – $2.5 billion
March 2, 2011
March 3, 2011
Outright Treasury Coupon Purchase
03/31/2015 – 08/31/2016
$5 – $7 billion
March 3, 2011
March 4, 2011
Outright Treasury Coupon Purchase
05/15/2018 – 02/15/2021
$6 – $8 billion
March 4, 2011
March 7, 2011
Outright TIPS Purchase
04/15/2013 – 02/15/2041
$1 – $2 billion
March 7, 2011
March 8, 2011
Outright Treasury Coupon Purchase
09/15/2013 – 02/28/2015
$5 – $7 billion
March 8, 2011
March 9, 2011
Outright Treasury Coupon Purchase
09/30/2016 – 02/28/2018
$6 – $8 billion
March 9, 2011
March 10, 2011
Outright Treasury Coupon Purchase
03/31/2015 – 08/31/2016
$5 – $7 billion

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Terminology
SOMA System Open Market Account at the Federal Reserve New York Bank
Primary Dealer A bank or securities broker-dealer that may trade directly with the Federal Reserve System. Primary Dealers are required to bid at Treasury auctions. Current list of Primary Dealers is available at New york Fed.
Indirect Bidder Supposed to be the foreign investors, both foreign central banks and foreign private investors
Bid to Cover ratio The number of bids received divided by the number of bids accepted. The higher the ratio, the higher the demand.
Reopening The U.S. Treasury issues additional amounts of a previously issued security. The reopened security has the same maturity date and coupon interest rate as the original security, but with a different issue date and usually a different purchase price.
Cash Management Bill (CMB) A short-term security sold by the U.S. Department of the Treasury. The maturity on a CMB can range from a few days to six months. The money raised through these issues is used by the Treasury to meet any temporary shortfalls. CMBs tend to pay higher yields than bills with fixed maturities, but their shorter maturities lead to lower overall interest expense.
Supplementary Financing Program (SFP) A program initiated by the U.S. Treasury Department at the request of the Federal Reserve in September 17, 2008. The cash raised from the auction will be used in the various Federal Reserve initiatives to support the financial markets and manage its balance sheet.

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