Lee AdlerWe’ve been following the story of the US Treasury paying down outstanding T-bills since late February. $680 billion of paydowns led to a big turnaround…
I finished my two dose vaccination regimen on June 14, and travel restrictions have lifted here in Europe since July 1. It’s been an interesting…
Note: Holiday Publication Schedule- I’ll be taking a brief break from publishing over the holiday week. I expect to resume publishing on July 6. Enjoy…
The balance between QE and Treasury supply will begin to shift in July. The underlying bid it has provided for stocks and Treasuries will begin…
In Part 1 of this report, I covered dealer positions, financing, and hedging. Dealers have mitigated a significant amount of risk by selling paper to…
For several months, I’ve been positing the idea that when the Treasury gets its cash level down to the legally required limit, the stock and…
Stock prices are currently right in the middle of the channel surrounding the liquidity line in the Compositite Liquidity Chart (viewable in subscriber version). By…
The balance between QE and Treasury supply will remain bullish through through xxxx (subscribers only). This should provide a boost for stocks. It should keep…
Every time there’s a critical problem in the banking system due to banker malfeasance, the Fed steps in to paper it over and reward the…
The balance between QE and Treasury supply has gotten even more bullish and will remain so until xxxx (subscribers only). This should provide a boost…
The Treasury Borrowing Advisory Committee (TBAC) is a gang of Primary Dealers and other big investment firms that tells the US Treasury once each quarter…
The markets are awash in cash. It shows up on the Fed’s balance sheet. It shows up in the Treasury account, and in Primary Dealer…