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Posted in 1 - Liquidity Trader, Fed, Central Bank and Banking Macro Liquidity

Primary Dealers Deleverage and Grow Cautious

As the Fed has cut back on QE, Primary Dealers have also cut back their inventories of Treasuries and the leverage that they use to finance them. That’s not bullish. Here are the details and a few charts along with a suggested strategy to play the dealers’ game, not the one they want you to play as they set up new traders for the kill.

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