Commerical Paper Rates Fall AND Issuers Sell LESS to The Fed.

As Richard noted yesterday, we continue to see trends we like in the money markets.  Inter-bank lending rates fell for the eighteenth consecutive day (TED spreads down to 2.07 from their crisis high of 4.80%) and Bloomberg News is reporting that CP rates are down sharply AND less CP is being sold to the Federal Reserve funded CP facility.  Last week, the daily average of CP sold to the Fed was approximately $52.7 billion.  On November 3, only $19.9 billion was sold to the facility.  Let see if we can get a nice trend.

Baby steps going in the right direction.