The Fed allotted $11.8 billion in overnight reverse repos through the facility at a fixed-rate of 0.01 percent. The operation was open to the Feds 139 tri-party reverse repo counterparties, which includes 94 money market mutual funds, six government-sponsored entities, 18 banks and the Feds 21 primary dealers. Each eligible counterparty was limited to a maximum bid amount of $500 million. The collateral for the transactions was limited to Treasury debt. This exercise is not intended to materially affect the current level of short-term interest rates , the New York Fed said in a statement on Sept. 20. This work is a matter of prudent advance planning and do not represent a change in the stance of monetary policy, the statement said. Fed policy makers, while still buying bonds to support the economy, have also been developing methods to eventually help withdraw record monetary accommodation. Along with raising the overnight bank lending rate, Fed officials have said they may use tools including reverse repos to withdraw or neutralize cash in the banking system. In a reverse repo, the Fed lends securities for a set period, temporarily draining cash from the banking system. At maturity, the securities are returned to the Fed, and the cash to its counterparties.
Knicks-Nets Battle for New York gets super-expensive
NEW YORK (CNNMoney) The annual holiday for Apple fans is here. The new iPhones went on sale in the U.S., China and seven other countries Friday, and throngs of people lined up around the world to be among the first to snag one. Outside Apple’s flagship New York retail outlet on Fifth Avenue early Friday morning, the line wrapped around the store and then stretched for more than three city blocks. Apple employees high-fived customers once doors opened at 8 a.m. The crowds for new iPhones is draw a mix of Apple diehards and more casual fans, plus people hoping to resell the devices for a profit. A few marketers are also on hand, hawking their wares to the masses waiting on line. In New York, one man wearing basketball shorts was handing out cards and asking people to check out his son’s app. Staffers from trade-in service Gazelle walked around handing out free pretzels. Another man, who was not on line, just kept screaming, “Is anyone excited for the iPhone? Is anyone excited for the iPhone?” The crowd seemed mostly annoyed. Some people even paid line-sitters by the hour to grab an early spot. Why the fuss?
Why the New York Press Misread the Primary
Dwyer also blamed the string of anti-Quinn ads placed by an animal-rights group early in the campaign. This barrage “may have shaped her image,” he opined. Yet she also received a barrage of positive coverage, including countless stories that attempted to define her through a sentimental personal narrative. Her memoir on overcoming bulimia was excerpted in Vogue, her same-sex wedding was featured in the Times, her fabled temper was chewed over in sidebar after sidebar–as if all this mattered to voters beyond the condo belt. After it became clear that her star was fading, the Times insisted that she had “come to life” in a televised debate. Even the Murdoch-owned Post, which never met a liberal it liked, grudgingly endorsed her. By blithely choosing Quinn, though she never broke 30 percent in the polls, the dailies revealed their hermeticism. When it comes to elections, few people outside the elites pay heed to editorials. Most New Yorkers form their opinions based on local TV coverage and the Internet, and these media are far less dependent on advertising from developers than the print press is. Within the sealed bubble of editorial boards, newspaper owners, and the industries that support them, Quinn was the obvious choice. But the system that governs us is called democracy, and if newspapers fail so conspicuously to read the public pulse, what does that say about their ability to capture the spirit of their time?
Andre Iguodala, Denver Nuggets to Golden State Warriors: Swapping teams in a sign-and-trade, the versatile swingman should give the Warriors what he gave the Nuggets last season en route to the fourth-best record in the NBA. He is a defensive leader and skilled playmaker. Chris Humphreys, USA TODAY Sports Fullscreen 4. Josh Smith, Atlanta Hawks to Detroit Pistons: Landing the third-largest contract of free agency behind Chris Paul and Dwight Howard, the lifelong Atlantan will have to adjust to cold weather and new teammates. But the talented combo forward can play on both ends and should vault Detroit to the playoffs. Joshua S. Kelly, USA TODAY Sports Fullscreen 5. Jrue Holiday, Philadelphia 76ers to New Orleans Pelicans: The All-Star point guard was traded on draft day as the 76ers reached out for Nerlens Noel and next year’s Pelicans first-rounder. Now his goal is to help a revamped team ensure that pick isn’t worth much. Steve Mitchell, USA TODAY Sports Fullscreen 6. Al Jefferson, Utah Jazz to Charlotte Bobcats: The Bobcats are tired of the cellar, and adding one of the best post scorers in the NBA should solve that issue. Jefferson is a prototypical back-to-the-basket anchor, by far the best the Bobcats have had in their decade of existence. Russ Isabella, USA TODAY Sports Fullscreen 7. Kevin Garnett, Boston Celtics to Brooklyn Nets: The biggest benefactor of the sweeping Celtics-Nets trade of draft night may have been Garnett, who at 37 could no longer carry Boston nightly. He will fit well with Brook Lopez and Andray Blatche, as both a mentor and a still-potent post player. Greg M. Cooper, USA TODAY Sports Fullscreen 8. Andrew Bynum, Philadelphia 76ers to Cleveland Cavaliers: The biggest risk of free agency landed with a team deep enough to afford it.