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

Federal Tax Collections Rebounded This Week

The Federal Government’s withholding tax collections have rebounded over the past week. This continues the usual pattern of quarterly fluctuations. The annual growth rate this week was around 4.7% in nominal terms and probably 2.2-2.7% in real terms. This report illustrates the trends, and covers the particulars and the implications for Treasury supply and the…

One Key Demand Indicator Turns South

Treasury demand indicators including Primary Dealer Accounts, Foreign Central Banks (FCBs), US Commercial Banks, and US bond funds were mixed in the past week. The only real change and notable item was that foreign central banks were not buyers at the turn of the month Treasury auctions. That’s important.