Lee AdlerThe market has the benefit of $115 billion in Fed mid-month QE MBS purchase settlements this week. That would normally be very bullish. It’s notable…
The Fed’s balance sheet has now grown by over $2.8 trillion since March. That’s when the pandemic panic was at its extreme and the Fed…
Tax 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…