Direct from the NY FED -

They are Buying $10B LESS From now until Oct 14th Compared to Late May and June.

That is another way we can Wobble into Sept Month End as Stock Buyback Blackout Sets in and NY Fed Steps back with $10B Less then say May and June Schedule.

A $10.74B reduction, or roughly 41%, in gross scheduled buying.

June-ish setup

~$16.3B reinvestment

+$10B RMP / incremental balance-sheet expansion

~$26.3B total purchases

Now through Oct. 14

~$15.6B reinvestment

$0 RMP

~$15.6B total purchases

@LindaRaschke @Norseman1 @WalterDeemer @TheRonnieVShow

NY Fed liquidity impulse = materially weaker through mid-October.

Gross T-bill purchases have fallen ~41% versus the May–June schedule, but the bigger change is that Reserve Management Purchases have fallen from +$10B to $0.

The remaining ~$15.6B is reinvestment activity rather than incremental RMP reserve creation.