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“Exactly and more key today kelly as you know i just got off the phone. Phone. With eric rosen graham. The boston fed president it s his bank.
That s charge of this new money market liquid. The quiddity fund that the fed launched last night and he ll be running it when it opens up on monday. He said his hope is that this fund will restore confidence in the ability of money market funds to provide liquidity that really helps the economy move that money goes into the money markets and then they by corporate paper. They buy all kinds of stuff that businesses need to keep running as well as securing the investment of individual investors in those money markets.
All right let me give you some bullet points of when he told me. He said. He expects markers to stabilize as a result of all of these things..
The fed has done in the next week. Or two the money market will backstop the fed and should address when he calls dysfunction in the markets. And then i asked him what else the fed could do he said. Everything should be on the table.
And i asked him a corporate buying and all kinds of things. He said. Everything should be on the table now i asked about his forecast for the economy. Said forecasting at this point not really a great exercise.
But here are some of the things. He said over the phone about the outlook for the economy and unemployment. My expectation is that we will see the unemployment rate go up fairly substantially..
So i think we re going to see significantly more layoffs over the next week or two with substantial problems in different markets. All kinds of great markets. Doing a very busy day for the fed let me just go through some of the things that they did today they increased securities purchases. These are outright purchases of mortgage.
Backed and treasuries by up to 75 billion today from 40 and they opened swap lines with nine foreign central banks kelly. There s a whole bunch of stuff. That s that s not functioning right now and the fed is trying i think moving at record speed here to try to address those issues. And it s just gonna take some time for them to unclog and unstrained these markets at this point.
And steve. There s been so much creativity. Lately not just about the different lending facilities at the fed..
But about the kind of assets. They could buy yesterday. We heard julia cornado suggest maybe they could buy municipal bonds. Which are really trading poorly lately.
Because state and local budgets are going to get dressed is anything off the table. At this point. Yeah. Good question kelly.
It s well to take a step back real quick and talk about the difference between this crisis in the last one in the last crisis. The federal reserve lent to people who were essentially at fault for the problems they were having the people coming to the fed now they re there through no fault of their own and in this. Particular instance..
The treasury is providing ten billion back stop ten billion dollar back stops to three different funds. What does that mean it. Means. The fed is probably it may already be but may eventually be taking way more risk in the economy.
Not maybe not way more. But more risk in the economy through its lending than it did before last time. The fed was like i ll take the risk. But i am not going to lose money here you re gonna pay me this time because they have that treasury backstop you could see the fed be involved in a series of programs here where they take more of the risk to the economy from the virus.
This is not yet. But it may well end up being a very different game for the federal reserve than it was last time ” ..
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