Lee AdlerA recovery in withholding tax collections that began in mid June, ended in the last week of July. The one time annual tax windfall is…
Macro liquidity is growing at a historically rapid pace, but much slower than in the second quarter. And there are signs of trouble brewing. Here’s…
Fed QE and Treasury supply remain roughly in balance. The Fed is still funding most, if not all new issuance, either by direct purchase of…
Several banking indicators have exhibited a mild trend of deleveraging that has now persisted over two months. What we don’t know yet is whether it…
The Treasury’s numbers for June were as bad as expected. Early July numbers look good, but it’s a trick. Here’s how we know, and what…
Wall Street media shills have noted that the Fed’s balance sheet has shrunken a bit in recent weeks. Let’s get this out of the way…
The Meyer Lansky like Fed has cut back QE, but Treasury supply has also receded. So the Fed is still funding most new issuance, either…
As the Fed has cut back on QE, Primary Dealers have also cut back their inventories of Treasuries and the leverage that they use to…
The 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…