Lee AdlerIn the early August update we saw that withholding tax collections had gone flat. They have not improved since then. Collections remain weak. Non-subscribers, click here…
Please feel free to carry on with your late summer vacation. So what if the kids go back to school. Why should you have to…
The signal is coming from the ratio of xxxx xxxx to total bank deposits, as reported weekly in the Fed’s composite banking system data. That…
Market pundits worried this week about the coming massive increase in Treasury note and bond supply. There’s just one problem. It’s not true. The issuance…
Dealer fixed income positions have shrunken recently. Is that because they are selling and deleveraging or is it because they must mark to market while…
I have been meaning for weeks to hunt for correlations in the data between bank loans to shadow banks and stock prices, and between bank…
The private money and credit creation process and the resulting bull market in stocks is at loggerheads with the Fed’s policy of shrinking the balance…
Since the beginning of June, withholding tax collections have rebounded a bit, and stabilized at a level that is certainly better than the negative readings…
That’s right. It’s not the Fed any more. This ain’t the QE era. Non-subscribers, click here for access. Subscribers, click here to download the report. The…
Tick Tock. No not the app. That’s the sound of the clock ticking. Non-subscribers, click here for access. Subscribers, click here to download the report.…
The Fed’s Reverse Repo (RRP) operations act primarily as a money market fund for money market funds (MMFs.) The MMFs were forced out of their…
The debt ceiling issue has been settled. Investors breathed a sigh relief and bought stocks. But they did it on margin, because the cash liquidity…