I’m struggling to find a different way to say the same thing again… Ah, the hell with it. The 10-12 month cycle projection is...
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Posts Tagged ‘ Back Door ’
What today’s Massive ECB Liquidity Operation Really Means
Early today 523 banks requested an unprecedented €489 billion ($640 billion) in super-cheap funding from the European Central Bank.
But the massive lending operation has garnered only a tepid response from markets, with short-term government bond y...
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Did the ECB Pull Off a Back-Door Bailout that’ll End the Crisis?
Yields on short-term peripheral sovereign bonds are plunging, despite the fact that EU leaders appeared to make little progress at their highly-anticipated summit last week.
Pundits continue to expound on the flaws of the eurozone but markets are tel...
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Should You Worry About Europe’s Back Door Bank Run?
On Wednesday, Fitch Ratings Inc. downgraded its credit ratings on five of Europe's biggest banks, and while that decision made headlines, it's not the most important story to come out of Europe this week.
The real story, which the mainstream media is neglecting, is that there are...
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The Debt Walkers Strike Back
Ilargi: It's very simple, but maybe that's the problem. For all I know it's just too simple for people to see.
There's a group of people, and it's tempting to call them the 1%, but they’re not really, since there’s politicians in there too who ...
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Russ Winter’s Actionable- Replacing an Elephant with a Hyena
China’s holding of Treasuries goes parabolic. Part of this must be a back door deal to swap agencies for Treasuries with the Fed. Two elements of this are in question. One, China no longer has a large trade surplus to recycle, and secondly the Fed’s extreme purchases of mortgage securities is winding down. The...
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Ben’s Little Game – Professional Edition Fed Report
The Treasury settled $49.7 billion in newly issued debt last week. Surprise, surprise, that’s almost the exact amount of MBS securities the Fed settled to its balance sheet. It has to be a matter of some consternation to Bernanke and Co. that even though the Fed has been conducting these back door maneuvers to...
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Sneakin’ Out The Back, Doh! Professional Edition Fed Report
FCBs appeared to show up at the auctions this week, but they were apparently selling paper in the market even faster. This looks to me like an attempt to hoodwink the market by boosting the indirect bid, which all the media outlets are now following and reporting religiously, while quietly sneaking out the back...
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Papering Over Disaster, Temporarily – Professional Edition
We now have an inkling of how the Treasury will handle the paydown of $185 billion in Treasury CMBs. It will turn what would have been a horrendously bearish period into something less so, but the respite will be temporary. At the very least, it should give the smart money the opportunity to tiptoe...
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