Update: DOW closes up 360..Fed target range: 0 – 0.25%..expanding asset purchases (MBS)..

Update 2: 4:00pm EST: DOW closes up 4% to 360 to 8924; NAS up 81 to 1589 and S&P up 44 to 913..10 yr is at 2.30% WOW did the Treasury Market rally!! Paulson getting some face time with Bartiromo on CNBC..

CNBC Video on Fed announcement and analysis here and  here

pre announcement discussion with PIMCO’s Bill Gross and Rick Santelli here

UPDATE 2:: 2:39pm EST OMG look at the 10 yr yield, holy cow it is 2.38!! yeah the FED has succeeded straight out of the gate and the rates are moving down..DOW roaring now up 240…

wallstreetbull372

Heard on the floor, Rick Santelli-“OMG look at the Euro!”

Rick,” dollar sliding!, Euro v dollar screaming since news came out, thru a couple of handles 140!!!

weak dollar trade is kneejerk reaction”

DOW is starting to take off, Treasuries also rising, while dollar dropping…DOW up 173 and climbing

UPDATE 2:15pm EST: .statement coming across..

Statement: TARGET RANGE SET UP OF 0-.25%!!!!!!!!!!!!!!!!!!!!!!

WARRANT EXCEPTIONALLY LOW LEVELS OF FED FUNDS RATE FOR SOME TIME

FOCUS OF POLICY IS TO STIMULATE ECONOMY..THRU OPEN MARKET OPS..SUSTAIN FED RES BALANCE SHEET AT HIGH LEVEL….WILL PURCHASE LARGE QUANTITIES OF AGENCY DEBT AND MBS..READY TO EXPAND PURCHASES OF AGENCY DEBT AND MBS…….EVALUATING OF LONGER TERM TREASURY SECURITIES…TALF IMPLEMENTED EARLY NEXT YEAR….VOTES UNANIMO

DOW was up 120 going in…

wall-street21

Go to CNBC for LIVE coverage….

.50bp cut is expected..

What will Fed say about ‘target range’?

Looking for updates in the statement on unemployment trends, housing deflation, production…and will they say inflation is not an issue?

CNBC coverage with PIMCO’s Bill Gross,  will provide video when posted….

Bill Gross looking for statement on purchase of assets and quantitative easing..he suspects FED will point to quantitative easing ie using reserve and purchasing power not to lower rates but to purchase assets…

December 16, 2008. Tags: , , , , , , , , , , , , , , , . Cabinet, Economy, Finance, Foreclosures, Housing, Labor Department, Politics, Popular Culture, TARP, Unemployment Statistics, Wall St.

5 Comments

  1. News Wrap: FED announces MBS purchase details..guess who got tapped as asset managers?…Delay to Son of TARP?:Congress pushes PEBO for Stimulus details…Case Shiller Housing Index: Record Declines Increase…Hank Paulson is Jordy VerrillR replied:

    […] Well, we all knew it was coming, Bill Gross told us exactly what was coming. We love Bill Gross, the founder of PIMCO, who yes, also got tapped. We reported Bill’s very frank assessment of what was coming from the FED last month. […]

    Like

  2. News Wrap: FED announces MBS purchase details..guess who got tapped as asset managers?…Delay to Son of TARP?:Congress pushes PEBO for Stimulus details…Case Shiller Housing Index: Record Declines Increase…Hank Paulson is Jordy VerrillR replied:

    […] Well, we all knew it was coming, Bill Gross told us exactly what was coming. We love Bill Gross, the founder of PIMCO, who yes, also got tapped. We reported Bill’s very frank assessment of what was coming from the FED last month. […]

    Like

  3. News Wrap: FED announces MBS purchase details..guess who got tapped as asset managers?…Delay to Son of TARP?:Congress pushes PEBO for Stimulus details…Case Shiller Housing Index: Record Declines Increase…Hank Paulson is Jordy VerrillR replied:

    […] Well, we all knew it was coming, Bill Gross told us exactly what was coming. We love Bill Gross, the founder of PIMCO, who yes, also got tapped. We reported Bill’s very frank assessment of what was coming from the FED last month. […]

    Like

  4. » Update: DOW closes up 360..Fed target range: 0 - 0.25%..expanding asset purchases (MBS).. replied:

    […] Monty Hothersall wrote an interesting post today onHere’s a quick excerpt Update 2: 4:00pm EST: DOW closes up 4% to 360 to 8924; NAS up 81 to 1589 and S&P up 44 to 913..10 yr is at 2.30% WOW did the Treasury Market rally!! Paulson getting some face time with Bartiromo on CNBC.. CNBC Video on Fed announcement and analysis here and  here pre announcement discussion with PIMCO’s Bill Gross and Rick Santelli here UPDATE 2:: 2:39pm EST OMG look at the 10 yr yield, holy cow it is 2.38!! yeah the FED has succeeded straight out of the gate and the rates are moving down..DOW roaring now up 240… […]

    Like

  5. » Breaking: FED SETS TARGET RANGE 0 - 0.25%: FED makes new moves…statement coming across… replied:

    […] Monty Hothersall wrote an interesting post today onHere’s a quick excerpt UPDATE 2:: 2:39pm EST OMG look at the 10 yr yield, holy cow it is 2.38!! yeah the FED has succeeded straight out of the gate and the rates are moving down..DOW roaring now up 240… […]

    Like

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