Lee AdlerHere’s the problem. When rates are falling, there are more sales, and especially more refi. So the prepayments go up, and the Fed sees a…
Yesterday we looked at the overview of the CLI and the issue of new and secondary stock offerings. The CLI is still bullish. And the…
Are You Kidding Me? Can this be right? Did the stock market become oversold in mid October versus Composite Liquidity. This chart said that it…
We’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,…