Lee AdlerOur purpose here is to examine Federal revenues and spending for any sign that the Fed would have any justification for a policy move. And…
The uptrend is particularly hot in loans to non bank financial institutions. That is composed largely of margin and repo loans. It’s clear that this borrowing has been a prime driver of the rallies in stocks and bonds. Live by leverage, die by leverage.
The data shows that the end is nigh.
The Fed has ended its balance sheet bloodletting. QT is kaput. No more “normalization.” Now abnormal is the norm. But while the Fed will no…
The game is over. The massive liquidity inflows from the US Treasury into dealer accounts that has fueled the stock and bond rallies since March…
Total tax collections rose in July, as did most components, including withholding. If the economy is materially weakening, it’s not showing up in real time…
The Treasury paydown game has ended. A deluge of supply is coming. The Fed has panicked, ending its bloodletting program early, and without warning. And…
The debt ceiling deal is done. It only remains for the House and Senate to pass the deals and send it to the White House…
Yesterday, I posted this report with the intro from the June report. This version corrects that error. I apologize for the confusion! Click here to…
They kicked the can into July, but it was there for all to see. Here’s what it means for your investment strategy. Subscribers, click here…
Loan growth is red hot. And it’s all based on speculation. But lenders act as if there’s no risk in all these new loans. Here’s…
The joke is on Wall Street, investors, and yes, the Fed itself. But you will be prepared to take advantage because you read this report.…
NOTE: I neglected to insert the updated Withholding Tax chart in the report posted last night. The data and analysis was complete and update. Here’s…