New York Federal Reserve US $ Swap Ops with Swiss National Bank (SNB)-a few billion coming for the end of the year balance sheet pad after "test" ops of $1m 1207 expiring 1215
The FRBNY did a swap on 120722 for a small sum of $1m (they do these as a "test"). There was also a two week gap in between the operations this last October as well
This smaller op foreshadows a larger swap(s) in the last two weeks for Credit Suisse-funneled via the SNB-for end of the year balance sheet additions-the placing of some of it's shit at Apollo Global (where Credit Suisse Chairperson Blythe Masters is a consultant) did NOT mark the end of this saga by any means.
Credit Suisse sells most of its securitized products business to Apollo as it speeds up restructure
https://www.cnbc.com/2022/11/15/credit-suisse-to-sell-securitized-products-business-to-apollo-as-it-accelerates-restructure.html
They (NYFRB-SNB) did the exact same thing last year 2021 in the last few weeks of Q4 and earlier this year in October and that totaled $20.46B- cap #2-there were test operations of $50m and $20m on 0914 and 0928 to close out the 3rd qtr. Look for one of these coming Thursday (1222) in the billion $ range good until the following week where another one will be done on 1229 also in the billion dollar range.
Of Note: the interest rate change of 4.09% from 3.33% and note the difference from the test amounts in Sept through a 2 week period..0914 was at 2.58% and 0928 was at 3.34%. This is a major reason why the FRB will be taking these prime rate raises off sooner rather than later-and likely involving a manufactured 'crisis'-see below for recent 2008 example-using Credit Suisse but in reality there are approximately 500 banks with enough derivatives exposure to set off the daisy-chain of collateral grabbing across all asset classes with many "owners" trying to claim the same pledged collateral (assets) i.e hypothecated (and re-hypothecated) assets strewn across the world-wide banking system. The "extra" $80T of interest rate and FOREX disclosed via the Bank of International Settlements report is only the tip of the iceberg (this is what they've "admitted to" as the real amount of the entire derivatives shit pile is closer to $3Q and likely larger and not the oft-quoted $2Q used in most articles of most MSM and even Alt-Media analysis of it-the bottom line is that no one knows for sure.
Rest assured the rate raises will be taken off becasue of the notional amounts of these FOREX and interest rate sensitive derivatives and has nothing to do with fake inflation #s (CPI) and December's inflation #s will not be able to benefit from the SPR releases-as you've already seen retail gas prices rise since the start of Nov-plus the owner's equivalent rent portion of CPI is 5 months in arears so that won't be showing up (lower) until Feb or march at the earliest-but was used as a positive (for them) as it rose throughout the last two years but as mentioned is backward looking by 5 entire months.
Created Crisis Example from 2008
'Emergency Rate Cut from January 22 2008' and Societe Generale for an example of when panic sets in-and the system attempts to blame one person/fat-finger etc-the list is very long and in this case if said postions had generated profits you'd have never heard of Jerome Kerviel and the FRB's reaction to it-and it would NOT surprise me if the did the same thng on the same exact date-they love that shit.
Jan22 2008
Fed Makes Emergency 0.75% Rate Cut
https://www.nytimes.com/2008/01/22/business/worldbusiness/23cnd-asiastox.html
January 24th 2008
Société Générale loses $7 billion in trading fraud
https://www.nytimes.com/2008/01/24/business/worldbusiness/24iht-socgen.5.9486501.html
The "official" Story
Societe Generale-Kerviel case
https://www.societegenerale.com/en/news/newsroom/kerviel-case
https://www.newyorkfed.org/markets/desk-operations/central-bank-liquidity-swap-operations
As a reminder the Federal Reserve Banking System was created this week 109 years ago–created on December 23rd, 1913 by the Federal Reserve Act and announced to the public on December 24th-the start of the NOEL season. Keep in mind the the central banking system (when it actually is serious about it) can affect inflation-see Volcker era rate hikes and how long they stayed over double digits-but it can't do shit about deflation-see Hoover to FDR transition in the early 1930's and what FDR's first act was after taking office….
Some background
>>>/qrb/140771, >>>/qrb/140772, >>>/qrb/140774 Mkt Fag, Godzilla and Mecha-Godzilla present: The Gold Act of 1900 and the Market Crash of 1907-setting the stage for the creation of the Federal Reserve
>>>/qrb/143491, >>>/qrb/143492, >>>/qrb/143494, >>>qrb/143497 MktFag and Godzilla/MechaGodzilla present "The Creation of the Federal Reserve system in 1913"
>>>/qrb/144969, >>>/qrb/144970, >>>/qrb/144971, >>>/qrb/144972 Mkt Fag, Godzilla and Mecha-Godzilla present: After the creation of the Federal Reserve system: WW1 began-a little history lesson
From July 13th 2022-see cap#3
>>>/qrb/142717 LEON54 USAF Rivet Joint back at Lincoln Muni after north of Venezuela Patrol-see Cap #4 Q drops #54 and 45 If you mirror LEON you get NOEL so we should expect a Christmas present from 45