Lee AdlerThe Wall Street captured media likes to tell us that there’s just a small plumbing problem in the money market. But the fact is that…
Treasury supply is gargantuan. But size doesn’t matter because the Fed can take it. And is taking it. Almost all of it. Subscribers, click here…
Federal revenues fell in October for the first time since February. And outlays rose, widening the deficit. The Fed raised its ante in response. Here’s…
The US Treasury daily tax data showed weak revenue and soaring outlays in October. The deficit is soaring, but the Fed is monetizing every penny…
Private 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 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,…
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…