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Market Strategy

QE2: Money for Nothing and Tricks for Free

By RGE Macro and Strategy Teams
Nov 3, 2010 5:00:00 PM | Last Updated

In Quantum(s) of Solace we predicted a 60% probability of a US$600 billion large-scale asset purchase (LSAP) program being announced at the November 3 FOMC meeting.

Today, the Fed announced that while continuing to reinvest principal payments from security holdings it would purchase US$600 billion of long-term Treasurys by Q2 2011 at a monthly pace of US$75 billion. The New York Fed Open Market Operations Desk stated that along with reinvestment of principal payments, the total volume of monthly purchases would average roughly US$110 billion and have an average duration of between five[...]

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