{"id":20003,"date":"2020-03-16T00:49:36","date_gmt":"2020-03-16T00:49:36","guid":{"rendered":"https:\/\/thepatientinvestor.com\/?p=20003"},"modified":"2020-03-16T00:49:36","modified_gmt":"2020-03-16T00:49:36","slug":"fed-brings-out-the-big-bazooka","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2020\/03\/16\/fed-brings-out-the-big-bazooka\/","title":{"rendered":"Fed brings out the big bazooka"},"content":{"rendered":"<p>The Fed is on a war footing.<\/p>\n<p>The <a href=\"https:\/\/www.federalreserve.gov\/newsevents\/pressreleases\/monetary20200315a.htm\">FOMC<\/a> announced that it will cut the funds rate to zero. Timing of the announcement \u2014 Sunday, March 15th at 5:00 p.m. \u2014 signals the level of urgency.<\/p>\n<blockquote><p>&#8220;Consistent with its statutory mandate, the [FOMC] Committee seeks to foster maximum employment and price stability. The effects of the coronavirus will weigh on economic activity in the near term and pose risks to the economic outlook. In light of these developments, the Committee decided to <strong>lower the target range for the federal funds rate to 0 to 1\/4 percent<\/strong>. The Committee expects to maintain this target range until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals.&#8221;<\/p><\/blockquote>\n<p>Bond markets have been anticipating this cut since March 4th, when the 3-month T-bill rate plunged to 33 basis points.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2020\/2020-03-15-effr.png?w=525&#038;ssl=1\" alt=\"Fed Funds Rate, Interest on Excess Reserves and 3-Month T-bills\" \/><\/p>\n<p>The Fed also announced further QE of $700 billion, expanding its balance sheet by $500 billion in Treasury securities and $200 billion in mortgage-backed securities (MBS). This is in addition to the $1.5 trillion repo operations announced earlier in the week.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2020\/2020-03-15-fedassets.png?w=525&#038;ssl=1\" alt=\"Fed Balance Sheet: Total Assets and Excess Reserves on Deposit\" \/><\/p>\n<p>In a <a href=\"https:\/\/www.federalreserve.gov\/newsevents\/pressreleases\/monetary20200315b.htm\">related announcement<\/a>, the Fed is also encouraging banks to use the discount window, cutting the primary credit rate by 150 basis points to 0.25 percent, effective March 16, 2020.<\/p>\n<blockquote><p>&#8220;Narrowing the spread of the primary credit rate relative to the general level of overnight interest rates should help encourage more active use of the window by depository institutions to meet unexpected funding needs. To further enhance the role of the discount window as a tool for banks in addressing potential funding pressures, the Board also today announced that depository institutions may borrow from the discount window for periods as long as 90 days, prepayable and renewable by the borrower on a daily basis. The Federal Reserve continues to accept the same broad range of collateral for discount window loans&#8230;&#8221;<\/p><\/blockquote>\n<p>Not all the $1.5T repo facility is likely to be taken up \u2014 the Fed just used a big number for dramatic effect, to get everyone&#8217;s attention \u2014 but we expect the Fed&#8217;s balance sheet expansion to get close to $6 trillion (compared to $4.3T on March 11th) before this is over.<\/p>\n<p>While these rescue operations are normally announced as temporary, they soon become permanent as the market resists any efforts to unwind the Fed&#8217;s role.<\/p>\n<p>As I said on Saturday: &#8220;<a href=\"https:\/\/thepatientinvestor.com\/index.php\/2020\/03\/14\/to-infinity-and-beyond\/\">To infinity and beyond&#8230;<\/a>&#8220;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Fed is on a war footing. The FOMC announced that it will cut the funds rate to zero. Timing of the announcement \u2014 Sunday, March 15th at 5:00 p.m. \u2014 signals the level of urgency. &#8220;Consistent with its statutory mandate, the [FOMC] Committee seeks to foster maximum employment and price stability. The effects of &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2020\/03\/16\/fed-brings-out-the-big-bazooka\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Fed brings out the big bazooka&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[31,34],"tags":[334,1352,4252,2827,4253],"class_list":["post-20003","post","type-post","status-publish","format-standard","hentry","category-the-fed-banks-interest-rates","category-us-canada-countries-regions","tag-balance-sheet-expansion","tag-fed","tag-funds-rate","tag-qe","tag-t-bill-rate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Fed brings out the big bazooka - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fed brings out the big bazooka - the patient investor\" \/>\n<meta property=\"og:description\" content=\"The Fed is on a war footing. The FOMC announced that it will cut the funds rate to zero. Timing of the announcement \u2014 Sunday, March 15th at 5:00 p.m. \u2014 signals the level of urgency. &#8220;Consistent with its statutory mandate, the [FOMC] Committee seeks to foster maximum employment and price stability. The effects of &hellip; Continue reading &quot;Fed brings out the big bazooka&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2020\/03\/16\/fed-brings-out-the-big-bazooka\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:author\" content=\"https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/\" \/>\n<meta property=\"article:published_time\" content=\"2020-03-16T00:49:36+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/static.incrediblecharts.com\/images\/2020\/2020-03-15-effr.png\" \/>\n<meta name=\"author\" content=\"Colin Twiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Colin Twiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2020\/03\/16\/fed-brings-out-the-big-bazooka\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2020\/03\/16\/fed-brings-out-the-big-bazooka\/\"},\"author\":{\"name\":\"Colin Twiggs\",\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/person\/d42b18d516a80149d739845749ac6454\"},\"headline\":\"Fed brings out the big bazooka\",\"datePublished\":\"2020-03-16T00:49:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2020\/03\/16\/fed-brings-out-the-big-bazooka\/\"},\"wordCount\":394,\"publisher\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2020\/03\/16\/fed-brings-out-the-big-bazooka\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.incrediblecharts.com\/images\/2020\/2020-03-15-effr.png\",\"keywords\":[\"balance-sheet expansion\",\"Fed\",\"Funds Rate\",\"QE\",\"T-Bill rate\"],\"articleSection\":[\"Banks &amp; Interest Rates\",\"US &amp; Canada\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2020\/03\/16\/fed-brings-out-the-big-bazooka\/\",\"url\":\"https:\/\/thepatientinvestor.com\/index.php\/2020\/03\/16\/fed-brings-out-the-big-bazooka\/\",\"name\":\"Fed brings out the big bazooka - the patient investor\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2020\/03\/16\/fed-brings-out-the-big-bazooka\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2020\/03\/16\/fed-brings-out-the-big-bazooka\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.incrediblecharts.com\/images\/2020\/2020-03-15-effr.png\",\"datePublished\":\"2020-03-16T00:49:36+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2020\/03\/16\/fed-brings-out-the-big-bazooka\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2020\/03\/16\/fed-brings-out-the-big-bazooka\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2020\/03\/16\/fed-brings-out-the-big-bazooka\/#primaryimage\",\"url\":\"https:\/\/www.incrediblecharts.com\/images\/2020\/2020-03-15-effr.png\",\"contentUrl\":\"https:\/\/www.incrediblecharts.com\/images\/2020\/2020-03-15-effr.png\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2020\/03\/16\/fed-brings-out-the-big-bazooka\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/thepatientinvestor.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Fed brings out the big bazooka\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/thepatientinvestor.com\/#website\",\"url\":\"https:\/\/thepatientinvestor.com\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. 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He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters. Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis. Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008\/2009 and 2020 bear markets well ahead of actual events. 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He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.","sameAs":["https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/","https:\/\/www.instagram.com\/colin_thepatientinvestor","https:\/\/au.linkedin.com\/in\/colintwiggs"],"url":"https:\/\/thepatientinvestor.com\/index.php\/author\/investor\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9tQ4n-5cD","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":6601,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/01\/30\/federal-reserve-fomc-statement-press-release\/","url_meta":{"origin":20003,"position":0},"title":"Federal Reserve FOMC statement &#124; Press Release","author":"Colin Twiggs","date":"January 30, 2013","format":false,"excerpt":".....Although strains in global financial markets have eased somewhat, the Committee continues to see downside risks to the economic outlook. The Committee also anticipates that inflation over the medium term likely will run at or below its 2 percent objective.To support a stronger economic recovery and to help ensure that\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":42536,"url":"https:\/\/thepatientinvestor.com\/index.php\/2023\/06\/15\/dollar-falls-as-fed-skips\/","url_meta":{"origin":20003,"position":1},"title":"Dollar falls as Fed &#8220;skips&#8221;","author":"Colin Twiggs","date":"June 15, 2023","format":false,"excerpt":"The Fed held rates steady as expected, maintaining the target range for the fed funds rate at 5.0% to 5.25%. A \"Hawkish Skip\" While standing pat, the FOMC maintained a hawkish bias, with the Chairman Powell announcing at the Press Conference: \"....nearly all Committee participants expect that it will be\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"FOMC Economic Projections","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-06-14-fomc-dots2.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-06-14-fomc-dots2.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-06-14-fomc-dots2.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-06-14-fomc-dots2.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":37669,"url":"https:\/\/thepatientinvestor.com\/index.php\/2022\/09\/22\/fed-full-speed-ahead-and-damn-the-torpedoes\/","url_meta":{"origin":20003,"position":2},"title":"Fed: Full speed ahead and damn the torpedoes!","author":"Colin Twiggs","date":"September 22, 2022","format":false,"excerpt":"\"Damn the torpedoes! Full speed ahead!\" ~ Union Admiral David Farragut, Battle of Mobile Bay (1864) The Fed stood firm in its commitment to taming inflation, hiking the funds rate target by 75 basis points on Wednesday, to a range of 3.00% to 3.25%. The FOMC statement reads: ....The Committee\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"Union Admiral David Farragut","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/davidfarragut.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":38490,"url":"https:\/\/thepatientinvestor.com\/index.php\/2022\/11\/03\/fed-hikes-now-pain-comes-later\/","url_meta":{"origin":20003,"position":3},"title":"Fed hikes now, pain comes later","author":"Colin Twiggs","date":"November 3, 2022","format":false,"excerpt":"Fed Chairman Jerome Powell announced a 75 basis point increase in the Fed funds target rate at his post-FOMC press conference today: \"Today, the FOMC raised our policy interest rate by 75 basis points, and we continue to anticipate that ongoing increases will be appropriate. We are moving our policy\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"Fed Funds Rate","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-11-02-ffr-hike.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-11-02-ffr-hike.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-11-02-ffr-hike.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":899,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/09\/21\/frb-press-release-federal-reserve-issues-fomc-statement-september-21-2011\/","url_meta":{"origin":20003,"position":4},"title":"FRB: Press Release&#8211;Federal Reserve issues FOMC statement&#8211;September 21, 2011","author":"ColinTwiggs","date":"September 21, 2011","format":false,"excerpt":"The Committee continues to expect some pickup in the pace of recovery over coming quarters but anticipates that the unemployment rate will decline only gradually toward levels that the Committee judges to be consistent with its dual mandate. Moreover, there are significant downside risks to the economic outlook, including strains\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":43191,"url":"https:\/\/thepatientinvestor.com\/index.php\/2023\/07\/27\/more-than-two-rate-hikes-ahead\/","url_meta":{"origin":20003,"position":5},"title":"More than two rate hikes ahead?","author":"Colin Twiggs","date":"July 27, 2023","format":false,"excerpt":"The FOMC announced another 25 basis point rate hike on July 26. The target maximum of 5.50% is the highest level for the fed funds rate in 22 years. Inflation is falling, with monthly CPI and core CPI (annualized) close to the Fed's 2.0% target. We expect an uptick in\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"Fed Funds Rate Target - Maximum","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-07-26-fomc.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-07-26-fomc.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-07-26-fomc.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-07-26-fomc.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/20003","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=20003"}],"version-history":[{"count":1,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/20003\/revisions"}],"predecessor-version":[{"id":20005,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/20003\/revisions\/20005"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=20003"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=20003"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=20003"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}