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<keyword id="20154" type="General" weightage="100" keywordseo="tamil-nadu" source="Orion">Tamil Nadu</keyword> Health Minister <keyword id="344917" type="General" weightage="50" keywordseo="ma-subramanian" source="Orion">Ma Subramanian</keyword> inspected the mass fever camp on Friday organised in the <keyword id="6361743" type="General" weightage="50" keywordseo="saidapet" source="Orion">Saidapet</keyword> area in Chennai. Chennai Mayor <keyword id="3346795" type="General" weightage="50" keywordseo="priya-rajan" source="Orion">Priya Rajan</keyword> also joined the Health Minister in inspecting the camps. "About 1000 fever camps have been set up all over Tamil Nadu of which 200 fever camps are in Chennai," Health Minister said. Recently, H3N2 virus fever broke out across the country sparking concerns. The Indian Council of Medical Research (ICMR) in a statement asked the administrations all over to comply with the safety protocols and take necessary precautions. People have been instructed to wear masks and maintain proper hygiene to avoid the virus infection. "Apart from the fever camps, about 11,333 public health centres in the state have been instructed to conduct frequent fever check-ups," said the minister in the statement. "We have adequate medicines for the fever. As of now, there are no severe cases and there is no need to panic." The Health Minister added, "According to ICMR, we have to be cautious with H3N2 virus spread like we were during the Covid Pandemic. People with fever symptoms should isolate themselves as per ICMR guidelines to prevent spread." Reportedly, corona cases have also been increasing in Tamil Nadu and also India, in general. "RTPCR tests are done and the number of tests has been increased. There were only 2 cases last month but now it's 20 to 25 cases in Tamil Nadu and we are preparing to curtail it," assured the Health Minister. Health Minister also said, "As of now it's not a community spread of H3N2 virus in Tamil Nadu. We are taking precautions to make sure it does not spread rapidly and turn into a community spread. I appeal to the people of Tamil Nadu to avoid going to public places if they identify themselves with the symptoms and immediately inform the authorities." According to the administration, the mega fever camps will continue their operations on Saturday, Sunday and also in the coming days in the state. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/long-covid-much-less-likely-after-omicron-infection-study/articleshow/98539407.cms">Long Covid much less likely after Omicron infection: Study</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/karnataka-records-its-first-h3n2-variant-death/articleshow/98539607.cms">Karnataka records its first H3N2 variant death</a>

H3N2 virus: Tamil Nadu sets up 1,000 mega fever camps

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<div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="Business Insider/Matthew Boesler (data from Bloomberg)" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/53235b08eab8eac1532e4d5a-960/fed-custody-holdings.png"></a>Business Insider/Matthew Boesler (data from Bloomberg)</div></div></div>
In the week through Wednesday, March 12, the amount of U.S. Treasury securities held in custody for foreign official and international accounts (i.e., central banks) at the Federal Reserve dropped by a staggering $104.5 billion, marking what was far and away the biggest weekly drop on record.
These custody holdings have fallen almost every week since mid-December, as weakness in emerging-market (EM) currencies has caused EM central banks to raise dollars by liquidating their U.S. Treasury holdings, and then turn around and sell those dollars on the open market in order to prop up their own currencies.
This has prompted some speculation that central banks selling Treasuries were behind the record drop in Fed custody holdings. However, such activity doesn't come close to explaining what happened in the last week.
For example, the Central Bank of Russia - which has been in the spotlight due to escalating military tensions in Ukraine and has thus seriously underperformed against other EMs as of late - only bought 154.97 billion rubles in the week ended March 12.
At an average exchange rate of 36.35 rubles to the dollar over that time period, the CBR's intervention amounted to about $4.3 billion - leaving more than $100 billion of the drop in Fed custody holdings unaccounted for.
The second-largest weekly drop in Fed custody holdings of U.S. Treasuries for foreign official accounts on record took place in the week ended June 26, 2013. Recall that June 2013 was a period of significant, widespread stress in emerging markets on the back of assertions by then-Federal Reserve Chairman Ben Bernanke that the U.S. central bank would likely begin winding down its quantitative easing program later in the year.
During that week in June, JPMorgan's Emerging Markets Currency Index fell as much as 2.5%.
Over the week ended March 12, 2014, on the other hand, the index fell only 0.6%. Moreover, traders on U.S. Treasury desks were unaware of any unusual central bank flows this week - meaning "firesales" of U.S. Treasuries by EM central banks appears to be an insufficient explanation for the large drop in holdings. 
The most likely explanation for the drop in custody holdings is that Russia moved its U.S. Treasuries outside of the U.S., so that if and when the West levies financial sanctions against it as a result of escalating military tension in Ukraine, Russia will still be able to access its money.
BofA Merrill Lynch interest rate strategists Shyam Rajan and Priya Misra make two points to that effect in a note to clients (emphasis added):
1) Although large shifts out of the New York Fed custody are rare, we have seen custodian shifts elsewhere, recently. For example, the December 2013 TIC data showed a massive increase in Belgium's Treasury holdings (higher by $57 billion), matched by a drop in China's holdings (-$48 billion). Given that Belgium's reserves total less than $20 billion, the spike higher was likely a shift in custodians by a major reserve manager. The recent shift could be also be a similar large reallocation to a different custodian.
2) The upcoming referendum in Crimea this weekend and the multiple threats of sanctions could have triggered a significant reallocation of Treasuries to a non-U.S. custodian. Note that custodian banks are not allowed to transact with entities listed in the OFAC list, once sanctions are imposed.
What impact does all of this have on the market?
"A mere shift in custodians should not have any impact on yields in the Treasury market," say the BofAML strategists.
"A consistent move out of the New York Fed merely diminishes the reliability of this indicator as a high frequency source for foreign official demand."

Nobody Just Sold $100 Billion Of U.S. Treasuries

<div class="KonaFilter image-container"><div class="image on-image">REUTERS/Jonathan Ernst<keyword id="116249" type="PERSON" weightage="60" keywordseo="Janet-Yellen">Janet Yellen</keyword> (L), nominee to be the next chairperson of the U.S. <keyword id="6355253" type="ORGANIZATION" weightage="60" keywordseo="Federal-Reserve">Federal Reserve</keyword>, prepares to meet with Senate Banking Committee member Senator Richard Shelby (R-AL) (R) in his office on Capitol Hill in Washington, October 31, 2013. Republican Senator Shelby, a critic of the U.S. Federal Reserve, said on Thursday he was not committed to supporting Yellen as the next Fed chair.</div></div>
Federal Reserve vice chairwoman Janet Yellen has been nominated by President Obama to succeed Fed chairman Ben Bernanke when his term expires in January.
Tomorrow at 10 AM ET, the Senate Banking Committee holds a confirmation hearing, and it will mark the first time since April that Yellen has spoken publicly about monetary policy.
<h3>The <a href="http://www.businessinsider.com/yellens-senate-hearing-speech-full-text-2013-11">full text of Yellen's prepared remarks</a> was released this afternoon.</h3>
<a href="http://www.businessinsider.com/treasuries-rise-after-yellen-speech-2013-11">Gold and Treasuries rose</a> when her comments hit the tape, suggesting they were slightly more dovish than market participants had expected.
Of course, everyone wants to know when the Fed will announce the initial tapering of its $85-billion-a-month quantitative easing program. Last week, the consensus was that tapering would not be announced before the March FOMC meeting, but a strong October jobs report released Friday by the BLS has Fed-watchers believing the probability of a tapering announcement in December or January has gone up, and Treasuries have sold off as a result.
"A strong recovery will ultimately enable the Fed to reduce its monetary accommodation and reliance on unconventional policy tools such as asset purchases," said Yellen in her prepared remarks.
"The 'ultimately' can be read as saying 'not immediately' and that is what the market is jumping on," says Steven Englander, global head of G-10 FX strategy at Citi. "Right now the market is fixated on the tapering schedule and anything that implies slightly slower timing is slightly dovish. However, there is nothing in the comment that is so committal that she could not back off. For example, if she says tomorrow in Q+A that tapering is not tightening we would probably see yields back up and the USD strengthen."
<h3>So, what should observers expect Thursday?</h3>
On one hand, most agree that Yellen will not try to "break any new ground" with respect to monetary policy in her confirmation hearing tomorrow.
On the other hand, many also acknowledge the potential for market volatility arising from the event.
Why? Yellen is known as a policy dove (an advocate for aggressive stimulus in an environment of high unemployment and low inflation), so, on balance, anything less than a "dovish" take from Yellen Thursday could go against expectations.
"The goal of the nominee would be to keep enough centrist Republicans in a supportive position to overcome any possibility of a filibuster," write BofA Merrill Lynch interest rate strategist Priya Misra and Shyam Rajan in a note to clients. "At the margin, the market may be disappointed given that expectations are likely skewed dovish from her prior speeches."
Citi's Englander provides a quick cheat sheet for what to watch for in the market's reaction to Yellen's testimony in a note:
As a shorthand, the U.S. dollar will strengthen in both G-10 and emerging markets if 10-year and 2-year [Treasury] yields rise, irrespective of what the equity market does. This is true of both EM and G-10, probably because this is viewed as signaling tighter money, irrespective of whether equities like it or not.
If yields are down, EM and G-10 are far more likely to rally if equities are rallying - presumably this looks like a risk-positive yield drop - so this would be a dovish Yellen surprise.
If equities are down and yields are down, it is more negative for the USD in G-10, but remains positive for USD vs. EM. The interpretation is that this is probably risk-negative, ok for low-beta G-10 to rally against USD, but damaging to high-beta EM.
The hearing starts at 10 AM ET and goes until noon. <a href="http://www.businessinsider.com/markets">Follow the whole thing LIVE on Business Insider »</a>

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