Lee AdlerPrivate demand for US Treasury securities collapsed in September, forcing the Fed to first finance purchases, and then to buy Treasuries outright. The market is…
The US Treasury daily tax data suggests that the US economy is at least slowing. That means already yooge deficits will grow. Treasury supply will…
Net new Treasury supply is receding to the “new normal,” averaging around $100 billion per month. We know we have a problem when a hundred…
The Fed’s new TOMO has already hit a quarter trillion. It may not be QE in name, but it is in fact. And make no mistake…
The game has changed radically in the past two weeks, so it does not matter one iota what the economy is doing. It’s the debt,…
I have been warning for months that once the debt ceiling was lifted the money markets would tighten dramatically. It’s happening. Here’s a rundown of…
Normalization is dead. And that, ladies and gentlemen, is all she wrote. A little bit of Fed POMO won’t be enough to save the bond…
The trend is your friend, and the Fed has gone soft. And traders know it. But there may be trouble in Primary Dealer Bond Land. Subscribers,…
The Treasury has been pounding the market with supply since the debt ceiling was lifted in early August. Yet stock and bond markets have both…
Withholding taxes soared for most of August, far in excess of indicated jobs growth. But the Treasury hasn’t even started to rebuild its cash account.…
The Treasury and the Fed are colluding to boil the bond investor frogs on a sunny sidewalk. Subscribers, click here to download the report. First…
In July we saw that the market was at a record overbought extreme versus liquidity. I warned then that the bullishness we saw earlier this summer would be short lived. The market has corrected a bit. Now what?