balance sheet had expanded by $22.2 Billion. I'm suspecting this means that they purchased a bunch of the 30-year bonds that Treasury sold on Wednesday as well as a lot of the some term stuff. Yesterday and today the dealers have been able to pump-up the price of T-Bonds and market what they were able to purchase at Wednesday's auction. It is interesting how often the price of bonds drop leading up to the 30-year auction and them pump up again afterward.

Best wishes,

dhm