Lee AdlerThe market got way ahead of the amount of cash that the Fed was pumping into dealer accounts in February. That took a toll, and…
We knew that Not QE would fall well shy of Treasury issuance in February, and that that would be a problem for the markets. Subscribers,…
The February supply increase caused the bond rally to stop in its tracks. But that will change in March. Subscribers, click here to download the…
Update- A few minor corrections. Federal revenues soared in January. Spending soared more. A lot more. Despite all that stimulus, the tax data suggests that…
The pause in the growth of the Fed’s balance sheet over the past 6 weeks isn’t what the pundits are telling you. Some are saying…
Withholding tax collections are soaring. But despite that and the massive stimulus of skyrocketing government outlays and ever widening deficits, the ‘conomy is only so-so.…
I just discovered today that Liquidity Traders email system had malfunctioned and had stopped sending notifications to you last week. All posts were available here…
With the light supply and the Fed money putting the wind at their backs, Primary Dealers got a gift on top of that. Coronavirus. The…
Dealers cut back their fixed income inventories ever so slightly over the past month. They also increased their hedges, but again, slightly. They are still…
Supply and demand conditions for stocks and bonds have been as good as it gets over the past month. We can thank the Fed’s Not…
It ain’t rocket science. The Fed drives liquidity and stock prices are the first order effect because that’s how monetary policy transmission is designed. These…
Federal revenues softened in December. That could be just a blip, or it could be the first signs of a looming recession. It’s bullish if…