Lee AdlerWithholding tax collections were relatively stable through November. But the 5 day average ticked a hair below November’s low here in early December. New lows…
Sometimes the mouth goes faster than the brain. I chat with Lindsay Williams on his Strictly Business Podcast, once every couple of months. When I…
Here’s the problem. When rates are falling, there are more sales, and especially more refi. So the prepayments go up, and the Fed sees a…
Jay Powell’s first order of business is to keep the bond market from breaking down. When the 10 year yield hit 0.975 last week before…
Yesterday we looked at the overview of the CLI and the issue of new and secondary stock offerings. The CLI is still bullish. And the…
Are You Kidding Me? Can this be right? Did the stock market become oversold in mid October versus Composite Liquidity. This chart said that it…
In the second month of each calendar quarter the US Treasury gets together with a shadowy group called the TBAC, which stands for Treasury Borrowing…
Tax collections improved in October, but are still well below pre-pandemic levels. The US may look like it’s recovering, but it’s still in the hole…
We’ve had two working theses over the past few months. One is that the Fed is no longer pumping enough cash into dealer accounts to…
Last week I was surprised when the US Government’s retail sales data hit a new high. No way, I said. Well, Way! Yes, some retailers…
The market has the benefit of $115 billion in Fed mid-month QE MBS purchase settlements this week. That would normally be very bullish. It’s notable…
The Fed’s balance sheet has now grown by over $2.8 trillion since March. That’s when the pandemic panic was at its extreme and the Fed…
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