Lee AdlerBack in 2008-2009, I chronicled how the Primary Dealers caused the stock market crash. They were the most important and least recognized cause of what…
Withholding tax collections have exploded upward over the past month through February 3. Other data confirm the strengthening. Here’s what this means for portfolio strategy…
In the mid month QE update, I concluded the intro summary with this warning: 1/16/21 At this point, it seems like we are on the…
I have tried in these reports for the last twenty years to identify the most important forces driving the stock market. To some extent, I’ve…
This was inadvertently posted a moment ago with the wrong headline and post link. Sorry for the error! Macro Liquidity continues to bulge. The stock…
Both bonds and stocks have weakened over the past 2 weeks. It’s a sign that the Fed isn’t supplying enough QE. We’ve known for a…
The risks are astronomical despite improved tax collections. Subscribers, click here to download the report. Available at this link for legacy Treasury subscribers. KNOW WHAT’S…
We have a little tightness in the market at the end of every month. That’s because the Treasury issues a big wad of TP and…
Back in September I wrote to you about why I was giving up on the banking system indicators. I’ve reposted that rant in an addendum…
The Fed continues to fund roughly 85% of new Treasury issuance. It affirmed at last week’s FOMC meeting that it won’t cut QE for the…
The Fed’s policy remains stable at about $170 billion per month in QE, give or take a few billion depending on the level of MBS…
The Fed publishes a huge pile of data on the dealers’ holdings, transactions, and financing each week. It’s organized in a way that’s completely useless…
You must be logged in to post a comment.