Lee AdlerTax collections have leveled off at a negative year to year rate. The Fed has gone to Congress begging for fiscal support for the US…
Primary dealers have maintained huge and heavily leveraged long bond positions. They are only lightly hedged. Just today, the bond market is threatening to reverse…
The outlook for the most of the rest of October is bullish. But it’s not an endless bull any more. Subscribers, click here to download…
We have known for a couple of months that there would be a mountain of Treasury supply hitting the market at the end of September.…
Composite liquidity continues to rise, but at a slower pace than in the second quarter as the Fed has slowed QE. That reduces the cash…
Surprise, surprise! They pumped the money in but the market didn’t rise. The Fed has been in the process of pumping $88 billion into Primary…
The economic rebound from the depths of the pandemic panic in April and May has ended. The economy may be rolling over again. Bad news…
Well… The selloff that we expected as a result of the scheduled month end liquidity shortage happened. Just one problem. It came a week later…
Tax collections have leveled off at a negative year to year rate. That will allow the Fed to continue to paper things over at the…
After years of following and reporting certain banking indicators for hints about how liquidity is impacting the system, and vice versa, that’s the question I’m…
There will be a severe shortage of QE next week to match up with the end of month Treasury issuance. Bears have a shot there,…
The Fed’s balance sheet resumed its growth in August after a bit of a stall in July when dealers paid off Fed repos. That program…