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This report examines the mechanics of the ongoing liquidity-driven bull market and its growing systemic fragility. It argues that the U.S. Treasury—not the Federal Reserve—is now the de facto “money printer,” with repo financing transforming government debt issuance directly into spendable liquidity. The cycle of Treasury issuance, hedge-fund basis trades, and repo leverage has fueled both economic expansion and asset price inflation, pushing valuations toward bubble-era extremes.
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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