Fed announces repo policy
The Fed will purchase maturities up to one-year in a new repo facility that includes purchases dail and term repos twice a month.
The statement emphasizes that this isn't a change in the monetary policy stance.
"These actions are purely technical measures to support the effective implementation of the FOMC's monetary policy, and do not represent a change in the stance of monetary policy," the statement says.
There is a lively debate about whether this is QE but it clearly isn't from my perspective.
Risk trades are at the best levels of the day. The S&P 500 is up 51 points to 2989.0
