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• IG On-the-run Spreads (Released 5:02 EST)
• IG6 Spreads (Released 5:02 EST)
• IG7 Spreads (Released 5:02 EST)
• IG8 Spreads (Released 5:02 EST)
• IG9 Spreads (Released 5:02 EST)

IG On-the-run Spreads (Dec 15)

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IG6 Spreads (Dec 15)

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IG7 Spreads (Dec 15)

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IG8 Spreads (Dec 15)

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IG9 Spreads (Dec 15)

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(email exchange)

The Fed has no way of ‘pumping money into the economy’ = they only alter interest rates.

Except by making loans they don’t plan on collecting (the swap line advances to CB’s?)

Which is functionally equivalent to fiscal spending which does add income and financial assets to the economy.

>   
>   Rodger wrote:
>   
>   You and I were talking about a 0% fed funds rate. Almost there, now. Last I
>   heard, down to .25%. It will have no benefit. Wait, correction on that. There
>   will be one benefit. It gets us almost to the point where the Fed will stop
>   focusing on useless interest rate cuts, and start pumping money into the
>   economy. I hope.
>   
>   Rodger
>   

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(email exchange)

Thanks, way up!

Probably means USD credit is tightening up for non-US institutions, and maybe the unlimited lines are starting to get used for a lot more than just funding previously existing assets.

>   
>   On Fri, Dec 12, 2008 at 9:53 PM, Cesar wrote:
>   
>   Fed swaps up $85.6 to $628B.
>   

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• Empire State Manufacturing Survey (Released 8:30 EST)
• Empire State Manufacturing Survey ALLX 1 (Released 8:30 EST)
• Empire State Manufacturing Survey ALLX 2 (Released 8:30 EST)
• Net Long Term TIC Flows (Released 9:00 EST)
• Total Net TIC Flows (Released 9:00 EST)
• TIC ALLX (Released 9:00 EST)
• TIC TABLE 1 (Released 9:00 EST)
• TIC TABLE 2 (Released 9:00 EST)
• TIC TABLE 3 (Released 9:00 EST)
• Industrial Production MoM (Released 9:15 EST)
• Industrial Production YoY (Released 9:15 EST)
• Capacity Utilization (Released 9:15 EST)
• Capacity Utilization TABLE 1 (Released 9:15 EST)
• Capacity Utilization TABLE 2 (Released 9:15 EST)
• Capacity Utilization TABLE 3 (Released 9:15 EST)

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Empire State Manufacturing Survey (Dec)

Survey	-28.00
Actual	-25.76
Prior	-25.43
Revised	n/a

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Empire State Manufacturing Survey ALLX 1 (Dec)

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Empire State Manufacturing Survey ALLX 2 (Dec)

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Net Long Term TIC Flows (Oct)

Survey	$40.0B
Actual	$1.5B
Prior	$66.2B
Revised	$65.4B

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Total Net TIC Flows (Oct)

Survey	n/a
Actual	$286.3B
Prior	$143.4B
Revised	$142.6B

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TIC ALLX (Oct)

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TIC TABLE 1 (Oct)

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TIC TABLE 2 (Oct)

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TIC TABLE 3 (Oct)

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Industrial Production MoM (Nov)

Survey	-0.8%
Actual	-0.6%
Prior	1.3%
Revised	1.5%

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Industrial Production YoY (Nov)

Survey	n/a
Actual	-5.5%
Prior	-4.5%
Revised	n/a

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Capacity Utilization (Nov)

Survey	75.6%
Actual	75.4%
Prior	76.4%
Revised	76.0%

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Capacity Utilization TABLE 1 (Nov)

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Capacity Utilization TABLE 2 (Nov)

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Capacity Utilization TABLE 3 (Nov)

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