A couple of minor technical problems called “business” and “life” have now intruded on my increasingly bogged down publication schedule that, in the interest...
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Posts Tagged ‘ Critical Importance ’
Renewed Signs of Stress – Professional Edition Fed Report
The Treasury completed its auctions for this week. A trend of slightly reduced indirect bids continued. While the changes are small this could be the first small sign that investors and foreign central banks are beginning to experience a loss of the firepower and will necessary to continue to accumulate Treasuries at the rate...
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No Paydowns This Week – Professional Edition Fed Report
The Treasury normally has a debt paydown in the January 15 week, thanks to tax receipts, but not this year. Including the notes auctioned this week that will settle Thursday, the Treasury will settle a net of $17 billion in new paper on the week. Instead of the usual paydown bump the market will...
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Fed Balance Sheet Collapses- Professional Edition
The Fed’s balance sheet shrank dramatically this week as banks paid off TAF loans and reduced their deposit accounts at the Fed on which they are no longer earning any interest. When the Fed cut the interest rate it paid on reserves I warned our subscribers that this would be the result. I expect...
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FED SHRINKS BALANCE SHEET!
The Fed shrank its balance sheet by $125 billion this week. How ya like dem apples! I will go through the H41 line by line and have a complete analysis in the next Professional Edition Fed Report to be posted either tonight or tomorrow AM. Try the Professional Edition risk free for thirty days....
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Bad News Matters When Liquidity Contracts – Professional Edition
The Fed this week discontinued its regular Tuesday rollover of $20 billion of 28 day 1 day forward term repos. They took no action yesterday or today, allowing these repos to expire, thereby draining $20 billion from the system today. That drain is probably part of the reason why the market is as weak...
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Interesting Times Next Week – Professional Edition Fed Report
The Treasury calendar will be enormous next week, including the usual 4, 13, and 26 week bills plus 3 and 10 year notes and a 10 year TIPS issue. We won’t know the total amounts until the 4 week bills and the notes are announced on Monday. The Treasury also faces expirations of a...
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