Lee AdlerThe Treasury’s numbers are in for June and they’re not good. First things first. The BLS jobs data is just BS. Subscribers, click here to…
Common sense says that as case numbers increase, tax collections would fall and vice versa, REGARDLESS of whether governments imposed lockdowns. So my expectation was…
The imbalance between Fed QE and Treasury supply is ugly as as it gets for the next week, but then it gets less ugly. Here’s…
We know that total liquidity is still growing. The Fed is still printing and pumping money into the system at an historic rate. That rate…
This data tells us exactly what the big picture is right now, while Wall Street economists are still scratching their asses and trying to figure out what the government statistician manipulated data will be and will mean. And the first report from that government data is still 13 days away.
Primary dealers have been gradually paying down their outstanding repo loans from the Fed, just as we have long expected. This has momentous implications for…
The Monthly Treasury Statement for May confirms that the economy rebounded during the month, but more recent data through last week suggests that the rebound…
A sharp eyed subscriber caught an error on the top of page 4 of this report. I typed “billion,” instead of “trillion,” twice, in reference…
The Fed has now promised QE infinity. But will it be enough, in the face of Federal deficit financing to infinity and beyond? Because for…
US Commercial Bank data had been sending warning signals that all was not well for at least a year before the stock market crashed. I…
To the degree that it’s true, the idea that the US economy is recovering is a catastrophic notion for the financial markets. Surprisingly, the withholding…
The line items of the Fed’s Pandemic Panic Emergency Programs get a lot of media and analyst attention these days. What a waste of time…