Negative interest rate policy (NIRP) elsewhere in the world continues to drive liquidity growth and asset price inflation in US. We saw this trend coming when NIRP was first introduced. Now the question is whether the resulting US asset price inflation was an intended or unintended consequence of foreign central bank policy. Would it even…
After 3 weak months, Federal Withholding Tax collectionss rose sharply in July. Here’s how the data looks and what it means for the markets.
The Fed’s balance sheet remains flat but US banking indicators continue to show rapid systemic growth in loans and deposits, and hence, liquidity, as NIRP and waning confidence drive cash out of Europe. This report is part of the Macroliquidity Pro service. An update on macro liquidity indicators will follow later this week.
As central banks around the world print money and penalize it for staying home, demand for US Treasuries grows. That demand has met shrinking new supply. The meeting of less supply and artificially boosted demand has been an incendiary mix. In this report we see how Presidential politics and the US Treasury cash position could…
The Fed’s balance sheet may be flat but US banking indicators show systemic liquidity growing. Capital is flowing out of Europe, fleeing NIRP, and US corporate executives are still funding financial engineering schemes at a breakneck pace.
US macro liquidity grew in June, thanks to the Fed’s purchases of MBS from dealers and to the actions of the ECB and BoJ.
Real time withholding tax collections contracted in June.They’re not the only taxes that are falling.
Negative rates in Europe and Japan and a growing maelstrom in Europe continue to drive foreign capital to the US. This has put the US bond market in a position to break out and possibly drive yields even lower. It has also driven a recurring bid for US stocks that shows up any time a…
This report looks at the long term charts and outlook for the 10 Year Treasury Note and the US Dollar.
As US banking data continues to exhibit bubble behavior, European banking data reflects a deepening long term crisis of confidence among bankers. These may be harbingers of the endgame for central bank market manipulation.