Lee AdlerThis 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…
Withholding 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…