Fed Goes Draconian - Professional Edition Fed Report

"The Fed drained an astounding $26 billion in cash from the market on Thursday, dropping Fed credit outstanding to the lowest levels since November 2005. The result was readily apparent in the stock market, and the panic generated another flight to “safety” panic in the Treasury market. The suppression of rates and yields there may not last long as the Treasury announced that it will pound the market will still more unexpected new supply next week."