Lee AdlerWe’ve had two working theses over the past few months. One is that the Fed is no longer pumping enough cash into dealer accounts to…
The market has the benefit of $115 billion in Fed mid-month QE MBS purchase settlements this week. That would normally be very bullish. It’s notable…
The outlook for the most of the rest of October is bullish. But it’s not an endless bull any more. Subscribers, click here to download…
We have known for a couple of months that there would be a mountain of Treasury supply hitting the market at the end of September.…
Composite liquidity continues to rise, but at a slower pace than in the second quarter as the Fed has slowed QE. That reduces the cash…
Surprise, surprise! They pumped the money in but the market didn’t rise. The Fed has been in the process of pumping $88 billion into Primary…
Well… The selloff that we expected as a result of the scheduled month end liquidity shortage happened. Just one problem. It came a week later…
After years of following and reporting certain banking indicators for hints about how liquidity is impacting the system, and vice versa, that’s the question I’m…
There will be a severe shortage of QE next week to match up with the end of month Treasury issuance. Bears have a shot there,…
The Fed’s balance sheet resumed its growth in August after a bit of a stall in July when dealers paid off Fed repos. That program…
The forecast has changed. It’s less bearish, but it’s still bearish. Here’s why. Subscribers, click here to download the report Not a subscriber yet? Get…
Macro liqudity been bullish since early July. That was no secret. We were fully informed and prepared. And it’s no secret that this balance is…