The Fed and BoJ money printing operations and capital flight out of troubled regions of the world into the US continue to keep US markets levitated, even during stretches where massive new Treasury supply should have caused prices to come down a bit. We can only look on in horror and wonder as we face…
Money and The Fed
Reports on the Fed and Treasury, primary dealers, foreign central banks, money market and mutual fund flows, and other factors that affect market liquidity
Money and The Fed
Mountain of New Supply Doesn’t Stop Markets
by Lee Adler •
The Treasury has now pounded the market with $231 billion in net new supply on the market over the past three weeks, and the markets haven’t even flinched. It’s amazing. Table of Contents Treasury Auctions Week Just Completed Week Ahead Treasury Auction Takedowns By Investor Class Primary Dealer Trading Foreign Central Banks ECB And The…
Money and The Fed
Mania and Panic Boost US Markets
by Lee Adler •
This report has become a broken record. However, sooner or later the Fed will be forced to hit the brakes and the fallout from its insane policies of the past 10 years will start. The Fed has printed plenty in February, but the effect has been muted because the Treasury is floating a massive amount…
Money and The Fed, Professional Edition
US Markets Remain The Last Ponzi Game Standing
by Lee Adler •
The Treasury has dumped a gargantuan $145 billion in net new supply on the market over the past two weeks, and the markets have simply laughed in the Treasury’s general direction. I find that simply amazing. It smells like mania. I can only wonder how high stocks would have gone without having to slog through…
Money and The Fed
Liquidity Trends Stay Positive – Professional Edition
by Lee Adler •
Liquidity creation remains strongly positive, although this month the US Treasury is like a giant sponge soaking it up. China remains the elephant poop under the rug, but Janet and Japan continue to do their part to keep it there. Table of Contents Macroliquidity Component Indicators Fed Cash to Primary Dealers Foreign central bank purchases…
Money and The Fed
Stock Market Rally In Week of Massive Treasury Supply Signals Mania – Professional Edition
by Lee Adler •
The Treasury announced and auctioned another $45 billion in cash management bills on Friday on top of $50 billion auctioned at the beginning of the week. This is approximately half of the estimated $183 billion in net new Treasury supply that will pound the market through early March. The fact that stocks rallied and Treasuries…
Money and The Fed
Liquidity Shrinks, But Stock Mania Returns, Something Must Give – Professional Edition
by Lee Adler •
Massive new Treasury supply this month, including $50 billion in 72 day cash management bills issued today, and increased weekly bill supply, will absorb much of the excess cash that has accumulated in the system. That cash contributed to the bond rally, while everyone seemed to decide that the game was over for stocks. Apparently…
Money and The Fed
Massive Treasury Supply Likely To Disrupt Markets in February-March- Professional Edition
by Lee Adler •
The Treasury announced an offering of $50 billion in cash management bills to be auctioned on Monday. This is just a down payment on the estimated $183 billion in net new Treasury supply that will pound the market over the next 5 weeks. Table of Contents Treasury Auctions Week Just Completed Week Ahead Treasury Auction…
Fast Facts, Money and The Fed, Wall Street Examiner Exclusives
Fed’s Reverse Repos Give Guaranteed Deposits to Institutions, Ripping Off Taxpayers – Professional Edition
by Lee Adler •
The system remains awash in liquidity, but rather than committing it to stocks, those with the cash have continued to either buy Treasuries or park the funds in the Fed’s tri party overnight reverse repo Temporary Open Market Operations. That program is open not just to Primary Dealers, but also to selected banks and money market funds.
Money and The Fed
Excess Cash Powers Treasury Rally – Professional Edition
by Lee Adler •
An enormous pile of cash has built up in the accounts of dealers and others due to Fed pumping and a month of much larger than normal January paydowns of Treasury debt. That cash has helped to spur a rally in Treasuries, while stocks have fallen out of favor for the time being. Technical indications…
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