Lee Adler
In normal times, the Federal Government has a revenue windfall in April, and runs a large surplus for the month. Revenues are typically at least…
Macro liquidity has slowed slightly in recent weeks as the Fed has taken its foot off the accelerator. But it continues to grow at an…
The Fed has cut back its POMO purchases to an average of $8 billion per day of Treasuries and $6 billion of MBS this week.…
The Federal deficit hit $1 trillion in April. That’s a cool 1,500% increase year to year. That’s for one month. This is based on the…
The Fed just posted how much help it will give the market next week and son of a gun! It’s cutting again. The implications of…
Today’s the day. The Fed announces its next plan. You may have already seen it by the time you read this. But really. What difference…
Ever resolute, the Fed kept pumping the cash into Primary Dealer accounts. It kept at it until, as I calculated elsewhere, it had pumped in…
The Fed has taken its foot off the gas pedal. We’ve been watching this for a couple of weeks now. Crunch time is almost here.…
The Fed’s massive bailout of Primary Dealers and its alphabet soup loan programs for all other big financial players, have now made moral hazard permanent…
We expected the worst, and we’ve gotten it. But that does not mean that things will get better. The revenue trends had been strong. Now…
I warned about it last week when the Fed’s POMO schedule first showed a reduced purchase rate. The Fed is taking its foot off the…
Federal tax collections are collapsing but the US Treasury now has $827 billion in cash in its bank account at the Fed. This is double…