Courtesy of Bloomberg:
- Bank of Countrywide Lynch: Purchases likely concentrated in 7- to 10-yr sector
- Barclays: Fed likely to sell $440b of securities maturing in 1-4 yrs, buy $660b in the 5.5- to 30-yr sectors; Recommendations to short 3-yr on the curve and underweight OTR 10-yr were closed in Sept. 15 note
- Credit Suisse: Expects $360b operation; sees 86% of purchases in the 4- to 10-yr sector
- Deutsche Bank: Buying likely to be concentrated in 7- to 10-yr sector; Fed has limited ability to buy longer-maturity paper
- FTN: Baseline expectation is $300b of sales of debt maturing in 0.5 to 2.5 years, reinvestment concentrated in 8- to 30-yr debt
- Goldman Sachs: Fed will concentrate purchases in 7- to 10-yr sector
- Morgan Stanley: Fed likely to sell all 0- to 2-yr debt, buy the 8- to 10-yr and 30-yr sectors
- Nomura: Balance sheet expansion preferable to “disruptive” front-end sales
- RBC: Fed to buy ~$225b, mainly in the 7- to 10-yr sector, sell in the 1.5- to 3-yr sector
- RBS: Revised view calls for Fed to buy $135b or $200b in the 27-yr and longer sector
- UBS: Fed can focus on reinvesting cash flows, buy 10- to 20-yr sector
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