I have been warning for months that the Fed would need new QE to counter the impact of massive waves of Treasury supply. I thought that that would come later, rather than sooner. Sorry folks, wrong about that.
In accordance with the FOMC Directive issued September 18, 2019, the Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York will conduct an overnight repurchase agreement (repo) operation from 8:15 AM ET to 8:30 AM ET tomorrow, Fri…
The new Fed TOMO (Temporary Open Market Operations) are the first sign that the Fed must move aggressively to counter the tightening of the money markets.
The Fed has a money market crisis on its hands. It’s a “crisis” that everyone should have seen coming because the handwriting has been on the wall for months.
Pundits are calling yesterday’s drone strke a “black swan.” Can a drone strike on a Saudi oil facility, be a “black swan.” But is it? And are there really black swans?
On Wednesday afternoon (9/11/19) I sent this note to Technical Trader subscribers. I’ve redacted the specifics here, but wanted to share the thinking with you.
Not seasonally adjusted nonfarm payrolls, that is, the actual numbers, give us a truer picture of the jobs market than the seasonally adjusted garbage that Wall Street spews.
That’s right. The Fed is doing POMO again. POMO means Permanent Open Market Operations. It’s a fancy way of saying that the Fed is buying Treasuries, pumping money into the financial markets.
The beat goes on. The Treasury announced a 30 year TIPS issue today, bringing net new supply for the month so far to $119 billion.
After a big day like yesterday, I like to get a little long term stock market chart perspective.