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Massive T-bill paydowns, persistent tax receipts, and an expanding Treasury basis trade have injected surplus liquidity, powering stock and bond rallies even as liquidity ratios show extreme leverage and with no more RRP slush fund buffer to cushion declines.
I track weekly real time cash flow data from the Fed and Treasury that foretell the next moves in stocks and bonds.
It’s the same data the big trading desks watch — but you see it here without the Wall Street spin and with my 58 years of market perspective seen in clear cutting-edge proprietary charts and analysis available nowhere else. Not even from the Wall Street giants.
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