Lee AdlerThe 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…
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.…
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…
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…
Federal tax collections were a bit softer in December than in recent months, but overall were in the same growth path as throughout the past…
Circumstantial evidence suggests that the Primary Dealers are in big trouble. The 10 year yield holds the key. Here’s what to look for. Subscribers, click…
The conditions were optimal for a big rally in Treasuries, but it didn’t happen, and that’s bad news. Subscribers, click here to download the report.…
Federal tax collections were robust in November, signaling that the US economy is perking along. But Trump runs the Federal Goverment the way he ran his casinos into the ground.
Federal tax collections were robust in November, signaling that the US economy is perking along. That has implications for the Treasury supply outlook, and consequently…