Just Another Ordinary Thursday in Summertime

The Federal Reserve Bank of New York bought $3.6 billion worth of Treasuries this morning, but the primary dealers seem to direct the proceeds back into Treasuries today as the stock market dives on the news of weekly unemployment claims reaching 500,000 for the first time in 9 months.

For today's Permanent Open Market Operation (POMO) results, click here.

Philadelphia Fed's Manufacturing Index "unexpectedly contracted" in August, the first contraction since July 2009. Economists were expecting expansion.

But not to worry. The nation is busy discussing a "Ground Zero mosque", and the president of the United States is off to his 6th vacation for the year, with the Martha's Vineyard airspace restricted until August 29. Things cannot be that bad, can they?

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