Late yesterday, the head of the Fed’s money desk in New York, Simon Potter, made it clear despite a lot of data that neither he nor the rest of the central bank knows whether the $4 trillion purchased in agency MBS since QE began made much of a difference or should continue.  However, the new uniform MBS will make it a darn sight easier for the Fed to make reinvestment or even new purchases should events warrant.  With SIFMA endorsement, UMBS are a go and, perhaps, so too is more Fed investment in agency paper

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