Lee AdlerThe line items of the Fed’s Pandemic Panic Emergency Programs get a lot of media and analyst attention these days. What a waste of time…
We’ve watched this bizarre scene unfold where the Fed is gradually reducing QE, the Treasury keeps pounding the market with new supply and stock prices…
We knew this was coming. $265 billion in MBS settlements for May are almost done. Now we reap the whirlwind. Here’s what to expect and…
Treasury issuance has caught up with QE. There are no more excess funds lying around for dealers to use to mark up stock and bond…
Macro liquidity has slowed slightly in recent weeks as the Fed has taken its foot off the accelerator. But it continues to grow at an…
The Fed has cut back its POMO purchases to an average of $8 billion per day of Treasuries and $6 billion of MBS this week.…
The Fed just posted how much help it will give the market next week and son of a gun! It’s cutting again. The implications of…
Today’s the day. The Fed announces its next plan. You may have already seen it by the time you read this. But really. What difference…
Ever resolute, the Fed kept pumping the cash into Primary Dealer accounts. It kept at it until, as I calculated elsewhere, it had pumped in…
The Fed has taken its foot off the gas pedal. We’ve been watching this for a couple of weeks now. Crunch time is almost here.…
The Fed’s massive bailout of Primary Dealers and its alphabet soup loan programs for all other big financial players, have now made moral hazard permanent…
I warned about it last week when the Fed’s POMO schedule first showed a reduced purchase rate. The Fed is taking its foot off the…