The Fed just announced that it will extend certain aspects of its TALF program through March of next year and parts until June. Also crossing the wires is the TIC data from the Treasury.
There was a net inflow into long-term securities of $90.7 bln in June, reversing a net outflow. These data are a look in the rear-view mirror. The auctions are a better reading, and they have been going smoothly.
Equities are off their lows after the Empire State data as inventory rebuilding continues to support the economy. Hope is someone will eventually buy those inventories…
EUR/US trades at 1.4080 and USD/JPY is at 94.64.
