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Die FED selbst hat ne Menge an SHORT Volatility die sie loss werden muss!
Der Powell Selbst spricht über die Problematik des Verkaufs in den Zeiten von Bernanke. Hier auf seite 193 im FOMC Bericht von 2012:
"When it is time for us to sell, or even to stop buying, the response could be quite strong; there is every reason to expect a strong response. So there are a couple of ways to look at it. It is about $1.2 trillion in sales; you take 60 months, you get about $20 billion a month. That is a very doable thing, it sounds like, in a market where the norm by the middle of next year is $80 billion a month. Another way to look at it, though, is that its not so much the sale, the duration; its also unloading our short volatility position."
I think we are actually at a point of encouraging risk-taking, and that should give us pause. Investors really do understand now that we will be there to prevent serious losses. It is not that it is easy for them to make money but that they have every incentive to take more risk, and they are doing so. Meanwhile, we look like we are blowing a fixed-income duration bubble right across the credit spectrum that will result in big losses when rates come up down the road. You can almost say that that is our strategy.
Almost?
"And I think there is a pretty good chance that you could have quite a dynamic response in the market. "
www.federalreserve.gov/monetarypolicy/...C20121024meeting.pdf
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