Lee AdlerThe 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…
Macro liquidity is growing at a historically rapid pace, but much slower than in the second quarter. And there are signs of trouble brewing. Here’s…
Fed QE and Treasury supply remain roughly in balance. The Fed is still funding most, if not all new issuance, either by direct purchase of…
Several banking indicators have exhibited a mild trend of deleveraging that has now persisted over two months. What we don’t know yet is whether it…
Wall Street media shills have noted that the Fed’s balance sheet has shrunken a bit in recent weeks. Let’s get this out of the way…
The Meyer Lansky like Fed has cut back QE, but Treasury supply has also receded. So the Fed is still funding most new issuance, either…
As the Fed has cut back on QE, Primary Dealers have also cut back their inventories of Treasuries and the leverage that they use to…
The imbalance between Fed QE and Treasury supply is ugly as as it gets for the next week, but then it gets less ugly. Here’s…
We know that total liquidity is still growing. The Fed is still printing and pumping money into the system at an historic rate. That rate…
Primary dealers have been gradually paying down their outstanding repo loans from the Fed, just as we have long expected. This has momentous implications for…