Paul should call his efforts 'audit monetary policy' not 'audit the fed'. You dont think interest rates are low enough right now?
Daal, there's so many different ideas floating out there, I am having a hard time filtering the signal out... Personally, I'd say it's more of a reaction to a bid in the FF mkt. I keep hearing that there are all sorts of people on the bid and they're getting more aggressive, if anything. Or maybe it's because of the BoC showing people which way the wind is blowing. Not clear at this stage.
I'll get a wee bit more color for you tomorrow, Daal... I haven't got anything in USD at the moment, so I haven't been following it that closely.