Lee AdlerThat’s the question of the hour as the Fed pumps money into the financial markets at a record pace. Here’s what’s important about that.
In 2½ months the Fed replaced what it took 8 months to drain off between January and August 2019. But Lying Jerry says, “It’s not QE!”
The Fed has pumped almost $311 billion into the accounts of Primary Dealers since mid September. Here’s what that has done and what it hasn’t, and why you should be worried.
The Fed is taking up all new Treasury issuance, dollar for dollar. Must be a coincidence.
The Fed is taking up all new Treasury issuance, dollar for dollar. Must be a coincidence.
With QE New the Fed has the tools and the power to push money rates down, and it is succeeding. But it’s not succeeding in…
It’s official. QE New has reversed 5 months of previous Fed balance sheet normalization. Here’s what the “new normal” means for your investments. It might…
The Fed’s new TOMO has already hit a quarter trillion. It may not be QE in name, but it is in fact. And make no mistake…
I have been warning for months that once the debt ceiling was lifted the money markets would tighten dramatically. It’s happening. Here’s a rundown of…
Normalization is dead. And that, ladies and gentlemen, is all she wrote. A little bit of Fed POMO won’t be enough to save the bond…
In July we saw that the market was at a record overbought extreme versus liquidity. I warned then that the bullishness we saw earlier this summer would be short lived. The market has corrected a bit. Now what?
The uptrend is particularly hot in loans to non bank financial institutions. That is composed largely of margin and repo loans. It’s clear that this borrowing has been a prime driver of the rallies in stocks and bonds. Live by leverage, die by leverage.
The data shows that the end is nigh.