Lee AdlerComposite 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…
The forecast has changed. It’s less bearish, but it’s still bearish. Here’s why. Subscribers, click here to download the report Not a subscriber yet? Get…
By now, you’ve heard all about the $2.8 trillion budget deficit so far this year. Old news. With more pandemic spending on hold, the monthly…
No news isn’t no news. The Primary Dealers are in the same posture they’ve been in. They’re still bullish on bonds and that’s an extremely…
Macro liqudity been bullish since early July. That was no secret. We were fully informed and prepared. And it’s no secret that this balance is…