Lee AdlerFederal tax collection data for March showed modest economic growth but continuing wide Federal budget deficits. An uptick in nominal revenues has reduced Treasury issuance…
Short term rates in the Treasury money markets have remained near their highs despite the Fed announcing a less tight monetary policy, and despite a…
Beware! March withholding tax collections were strong, but excise taxes were weak. Click here to download the report (Subscribers Only) Not a subscriber yet? Get…
The Fed’s balance sheet is shrinking, but bank lending for speculative purposes has soared. That is supporting financial asset price inflation. That’s dangerous. This report…
Real time federal tax receipts and other real time data bely the current bullish narrative. Here’s why the Fed won’t ease policy and why the…
These Charts Show How Primary Dealers Create Huge Risk as They Get Longer and Longer the Bond Market
The Primary Dealers continue to carry historically massive net long fixed income positions, purchased with debt, resulting in huge increases in leverage. They are hedging…
Macro liquidity growth has slowed to a crawl. The Fed and its cohort major central banks are a negative factor on balance. But runaway financial…
Lee Adler’s Liquidity Trader is now fully operational. After 18 years, The Wall Street Examiner Pro Trader is now Liquidity Trader. So please put Liquiditytrader.com in your…
Meanwhile, instead of liquidating other assets to raise the cash to buy new Treasury supply, dealers and other buyers have used up cash and added…
The BLS reported a very weak jobs number this morning. Treasuries are rallying again. How the BLS got that number in the face of surge…
Federal withholding tax collections went through the roof and excise taxes had solid gains in February. Here’s what this means for the economic data ahead,…
The ECB created a monster, and now that monster is chasing it. This report paints the gruesome picture, spells out the implications for you as…
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