Lee AdlerA sharp eyed subscriber caught an error on the top of page 4 of this report. I typed “billion,” instead of “trillion,” twice, in reference…
The Fed has now promised QE infinity. But will it be enough, in the face of Federal deficit financing to infinity and beyond? Because for…
US Commercial Bank data had been sending warning signals that all was not well for at least a year before the stock market crashed. I…
The line items of the Fed’s Pandemic Panic Emergency Programs get a lot of media and analyst attention these days. What a waste of time…
We’ve watched this bizarre scene unfold where the Fed is gradually reducing QE, the Treasury keeps pounding the market with new supply and stock prices…
We knew this was coming. $265 billion in MBS settlements for May are almost done. Now we reap the whirlwind. Here’s what to expect and…
Treasury issuance has caught up with QE. There are no more excess funds lying around for dealers to use to mark up stock and bond…
Macro liquidity has slowed slightly in recent weeks as the Fed has taken its foot off the accelerator. But it continues to grow at an…
The Fed has cut back its POMO purchases to an average of $8 billion per day of Treasuries and $6 billion of MBS this week.…
The Fed just posted how much help it will give the market next week and son of a gun! It’s cutting again. The implications of…
Today’s the day. The Fed announces its next plan. You may have already seen it by the time you read this. But really. What difference…
Ever resolute, the Fed kept pumping the cash into Primary Dealer accounts. It kept at it until, as I calculated elsewhere, it had pumped in…