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Channel: Comments on: How Can QE3 Be Working? It Hasn’t Started Yet
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By: Ted Striker

If Ben’s money goes to MBS at Fannie Mae and Freddie Mac to keep those GSEs from going bust, how does that money end up at Wall Street?

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By: Lee Adler

It starts on Wall Street. The Fed buys the MBS from the Primary Dealers, not the GSEs. All open market operations are conducted with the PDs as the Fed’s counterparty.

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By: flaunt

I downloaded the results spreadsheet from the Fed website for 9/14-10/11 and looked through the settlement dates. I do see a bunch that settle out on 11/14, but I also found many that settled out...

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By: Lee Adler

The spreadsheets also include the dates of those sales. They are from the existing MBS reinvestment program, not QE3. The QE 3 sales begin to settle on November 14. The ones that settled around 10/20...

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By: flaunt

I must be missing something. How do you tell which ones are QE3 transactions? All of the purchases took place after the FOMC announcement so any of them could be related to QE3 as far as I can tell.

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By: Lee Adler

If you dig into the scheduled reinvestment purchases from Aug and Sept you will see that all of the settlements in October were scheduled before the QE3 announcement.

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