Lee AdlerSubscribers, click here to download the report. Primary Dealer positions and financing indicate elevated risk, but debt ceiling dynamics, and resulting market liquidity conditions should…
Discover the critical liquidity trends, fiscal policy impacts, and market forces shaping 2025. Gain actionable insights with the Macro Liquidity Report—subscribe today!
Subscribers, click here to download the report. Federal withholding tax collections were strong in December. Ongoing strong revenue growth could reduce Treasury supply to give…
Discover the critical liquidity trends, fiscal policy impacts, and market forces shaping 2025. Gain actionable insights with the Macro Liquidity Report—subscribe today!
Discover the critical liquidity trends, fiscal policy impacts, and market forces shaping 2025. Gain actionable insights with the Macro Liquidity Report—subscribe today!
Stock Prices and Market Liquidity: Extreme Valuations and the Path to a Potential Bear Market Stock prices are currently stretched beyond any extreme levels seen…
Federal withholding tax collections surged in November on the heels of the October stall. That stall was due to hurricanes and the Boeing strike. We…
Measures of Primary Dealer holdings, financing and hedging are flashing warnings of an approaching stock market top. After surging for a couple of years they’re…
Stock prices remain extended versus liquidity beyond any extreme seen since the 2000 internet/tech bubble peak. But that alone isn’t enough for a sell signal.…
Treasury supply is scheduled to moderate over the next 3 months but there will still be moments of pressure on the markets. How the new…
Federal withholding tax collections stalled in October. The jobs report mirrored the tax collections for a change. Non-subscribers, click here for the rest of the…
Primary Dealers were wrong about the Treasury market in September, and it has cost them. They reached a small net long position in their hedged…