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

Something Evil This Way Comes

Foreign central banks withdrew a record amount of the Treasury and Agency holdings from their accounts at the Fed this week. What that means is not clear, but it’s almost certainly not bullish. Table of Contents Treasury Auctions Week Just Completed Week Ahead Treasury Auction Takedowns By Investor Class Primary Dealer Trading Foreign Central Banks…

Publication Schedule Realignment

I have had the responsibility, the honor, and the pleasure in recent weeks to work with David Stockman as the developer of his new website David Stockman’s Contra Corner. I thank Mr. Stockman for the trust and confidence he has placed in me to handle that task. Needless to say, it has been a second…

Mountain of New Supply Doesn’t Stop Markets

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…

Mania and Panic Boost US Markets

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…

Liquidity Trends Stay Positive – Professional Edition

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…