Fed Releases New POMO Schedule: To Monetize Only $97 Billion In Bonds Through May 11th

 

And now the one all the Fed frontrunners have been waiting for... (with a 40 minute NYU intern induced delay)

Across all operations in the schedule listed below, the Desk plans to purchase approximately $97 billion.  This represents $80 billion in purchases of the announced $600 billion purchase program and $17 billion in purchases associated with principal payments from agency debt and agency MBS expected to be received between mid-April and mid-May.

As we had expected, the QE Lite component ($17 billion) is plunging due to a substantial halt in MBS prepays with the Fed. Time to lower our estimate even further on how much the Fed will monetize simply from rolling maturities and MBS prepays.

Operation Date1	Settlement Date	Operation Type2	Maturity Range	Expected Purchase Size
April 13, 2011	April 14, 2011	Outright Treasury Coupon Purchase	10/15/2012-09/30/2013	$4 - $6 billion
April 14, 2011	April 15, 2011	Outright Treasury Coupon Purchase	05/15/2018-02/15/2021	$6 - $8 billion
April 15, 2011	April 18, 2011	Outright Treasury Coupon Purchase	04/30/2015-09/30/2016	$5 - $7 billion
April 18, 2011	April 19, 2011	Outright Treasury Coupon Purchase	08/15/2028-02/15/2041	$1.5 - $2.5 billion
April 19, 2011	April 20, 2011	Outright Treasury Coupon Purchase	10/31/2013-03/31/2015	$5 - $7 billion
April 20, 2011	April 21, 2011	Outright TIPS Purchase	04/15/2013-02/15/2041	$1 - $2 billion
April 25, 2011	April 26, 2011	Outright Treasury Coupon Purchase	10/31/2016-03/31/2018	$6 - $8 billion
April 26, 2011	April 27, 2011	Outright Treasury Coupon Purchase	05/15/2021-11/15/2027	$1.5 - $2.5 billion
April 28, 2011	April 29, 2011	Outright Treasury Coupon Purchase	04/30/2015-09/30/2016	$5 - $7 billion
April 29, 2011	May 2, 2011	Outright Treasury Coupon Purchase	10/31/2013-03/31/2015	$5 - $7 billion
May 2, 2011	May 3, 2011	Outright Treasury Coupon Purchase	05/15/2018-02/15/2021	$6 - $8 billion
May 3, 2011	May 4, 2011	Outright Treasury Coupon Purchase	11/15/2016-05/02/2018	$6 - $8 billion
May 4, 2011	May 5, 2011	Outright TIPS Purchase	04/15/2013-02/15/2041	$1 - $2 billion
May 5, 2011	May 6, 2011	Outright Treasury Coupon Purchase	08/15/2028-02/15/2041	$1.5 - $2.5 billion
May 6, 2011	May 9, 2011	Outright Treasury Coupon Purchase	11/15/2013-04/30/2015	$5 - $7 billion
May 9, 2011	May 10, 2011	Outright Treasury Coupon Purchase	05/15/2018-02/15/2021	$6 - $8 billion
May 10, 2011	May 11, 2011	Outright Treasury Coupon Purchase	05/15/2015-10/31/2016	$5 - $7 billion
May 11, 2011	May 12, 2011	Outright Treasury Coupon Purchase	11/15/2016-05/02/2018	$6 - $8 billion