This is the schedule for Fed POMO – February 2012. Like previous editions of our Fed POMO series we want to be paying attention to the large favorable and unfavorable settlement dates for the market. While in general the numbers are supposed to be neutral, the implementation of the Fed POMO schedule tends to lend to imbalances on a day to day basis. Selling days (when the Fed is pulling cash out of the market) tend to be larger amplitude-wise (though fewer in number) than the buying days, which are more frequent.
With that in mind we note the following potential imbalances. On the buy side the best days appear to be February 3rd, 10th, 15th, 21st, 27th, and 28th, while the largest sell days looks like they’ll fall on February 6th, 9th, 15th, 22nd, and 24th. Without further adieu, here is the official schedule.
Source: Federal Reserve
| Across all operations in the schedule listed below, the Desk plans to purchase approximately $45 billion and sell approximately $43 billion in Treasury securities over the month of February. |
| purchase operations | ||||
| Operation Date1 | Settlement Date | Operation Type | Maturity Range |
Expected Purchase Size |
| February 1, 2012 | February 2, 2012 | Outright Treasury Coupon Purchases | 08/15/2022 – 02/15/2031 | $1.50 – $2.00 billion |
| February 2, 2012 | February 3, 2012 | Outright Treasury Coupon Purchases | 02/15/2020 – 11/15/2021 | $4.25 – $5.00 billion |
| February 6, 2012 | February 7, 2012 | Outright Treasury Coupon Purchases | 02/15/2036 – 11/15/2041 | $1.50 – $2.00 billion |
| February 8, 2012 | February 9, 2012 | Outright Treasury Coupon Purchases | 02/15/2036 – 11/15/2041 | $1.50 – $2.00 billion |
| February 9, 2012 | February 10, 2012 | Outright Treasury Coupon Purchases | 02/15/2018 – 11/15/2019 | $4.25 – $5.00 billion |
| February 10, 2012 | February 13, 2012 | Outright TIPS Purchases | 07/15/2018 – 02/15/2041 | $1.00 – $1.50 billion |
| February 13, 2012 | February 14, 2012 | Outright Treasury Coupon Purchases | 02/15/2036 – 11/15/2041 | $1.50 – $2.00 billion |
| February 14, 2012 | February 15, 2012 | Outright Treasury Coupon Purchases | 02/15/2020 – 11/15/2021 | $4.25 – $5.00 billion |
| February 16, 2012 | February 17, 2012 | Outright Treasury Coupon Purchases | 02/15/2036 – 02/15/2042 | $1.50 – $2.00 billion |
| February 17, 2012 | February 21, 2012 | Outright Treasury Coupon Purchases | 02/28/2018 – 02/15/2020 | $4.25 – $5.00 billion |
| February 22, 2012 | February 23, 2012 | Outright Treasury Coupon Purchases | 02/15/2036 – 02/15/2042 | $1.50 – $2.00 billion |
| February 24, 2012 | February 27, 2012 | Outright Treasury Coupon Purchases | 02/15/2036 – 02/15/2042 | $1.50 – $2.00 billion |
| February 27, 2012 | February 28, 2012 | Outright Treasury Coupon Purchases | 02/28/2018 – 02/15/2020 | $4.25 – $5.00 billion |
| February 28, 2012 | February 29, 2012 | Outright Treasury Coupon Purchases | 05/15/2020 – 02/15/2022 | $4.25 – $5.00 billion |
| February 29, 2012 | March 1, 2012 | Outright Treasury Coupon Purchases | 02/15/2036 – 02/15/2042 | $1.50 – $2.00 billion |
| sale operations | ||||
| Operation Date1 | Settlement Date | Operation Type | Maturity Range |
Expected Sale Size |
| February 3, 2012 | February 6, 2012 | Outright Treasury Coupon Sales | 05/15/2012 – 11/30/2012 | $8.00 – $8.75 billion |
| February 7, 2012 | February 8, 2012 | Outright TIPS Sales | 07/15/2012 – 01/15/2015 | $1.00 – $1.50 billion |
| February 8, 20122 | February 9, 2012 | Outright Treasury Coupon Sales | 06/15/2013 – 11/30/2013 | $8.00 – $8.75 billion |
| February 15, 2012 | February 16, 2012 | Outright Treasury Coupon Sales | 12/15/2013 – 03/31/2014 | $8.00 – $8.75 billion |
| February 21, 2012 | February 22, 2012 | Outright Treasury Coupon Sales | 12/15/2012 – 05/31/2013 | $8.00 – $8.75 billion |
| February 23, 2012 | February 24, 2012 | Outright Treasury Coupon Sales | 04/15/2014 – 02/15/2015 | $8.00 – $8.75 billion |
| The next release of the approximate purchase and sale amounts and tentative outright Treasury operation schedule will be at 2 p.m. on February 29, 2012. At that time, the Desk will also publish information on transaction prices for securities included in the operations listed above..
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