Lee AdlerPrimary Dealer positions are record long, record leveraged, and record dangerous. Click here to download the report (Subscribers Only) Not a subscriber yet? Get this…
The Treasury market will look very bullish for a little while. But the aftermath of the forces that look bullish now, will be terrible. Here’s…
The US Treasury is playing games that make the stock and bond markets look good now. But here’s why you’ll be the one stuck with…
Tax collections for April and real time data into early May showed a strong economy until last week. Then something went wrong. Click here to…
Withholding tax collections through May 7 remain strong. Click here to download the report (Subscribers Only) One Month Free Trial and 90 days risk free…
Dealer positions look scary. Here’s why, and what to do about it to protect yourself, AND take advantage! Click here to download the report (Subscribers…
Warning signs abound that a cataclysm lies ahead for the Treasury market. It will also infect stocks. Click here to download the report (Subscribers Only)…
Federal 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…
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…
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