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Posts Tagged ‘ H41 ’
Hit With Big Withdrawals, Fed Sells Assets, Borrows Cash
The Fed was hit with withdrawals of $83.3 billion last Wednesday, the largest withdrawals from its deposit accounts that were not associated with quarterly tax payments since February of 2009. $7 billion of that was the net cash transferred to the US Treasury from its note and bond sales less outlays. The Fed still...
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Fed Fights Balance Sheet Collapse – Professional Edition
The Fed’s H41 report was released this evening. Friday’s report will include a review and analysis of that data. An initial glance at this week’s data shows another large drop in the size of the Fed’s balance sheet as both TAF and central bank liquidity swaps declined sharply. Click here to download complete report...
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Something’s Gotta Give – Professional Edition
The Fed’s H41 will be posted just after the market close, and we will have a complete review and analysis of that data in tomorrow’s report. Before that though, we have quite an appetizer today with all kinds of fascinating data as this gruesome nightmare continues to unfold pretty much according to the road...
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A Shocker, Fed Balance Sheet Collapses- Professional Edition
The biggest shocker this week came in Thursday night’s H41. Fed credit outstanding virtually collapsed with reductions in alphabet soup programs outpacing direct Fed purchase of securities by nearly 8 to 1. The biggest reductions were in the major programs, TAF, CPR, PDCF, and currency swaps with FCBs. Banks’ deposits at the Fed were...
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Fed Pumps To No Avail, Yields Surge – Professional Edition
The Treasury finished off a busy week with a 70 day CMB auction that showed no sign of weakening in indirect bidding. That was true for the week as a whole. If the FCBs are backing off, that didn’t show up in this data. Perhaps they did some selling in the secondary market, which...
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Master PIPPICK Manipulator – Professional Edition
The pundits are giving credit to the market “reacting favorably” to Geithner’s PIPPICK. I would suggest that the more likely cause is that the Fed went “all in” via their partners, the Primary Dealers. Of course we won’t know for sure until we see Thursday’s H41, but that’s what it smells like to me....
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Cannibalistic Self Destruction – Professional Edition Fed Report
The tidal wave of Treasury supply overwhelmed the stock market this week. It should never come as a surprise when this happens because the Treasury calendar isn’t exactly a secret. We are well aware that whenever the Treasury starts pounding the market with $50 billion a week or more in new paper, something must...
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Alphabet Soup Stress Disorder
This week’s Fed H41 showed that the Fed’s balance sheet collapse continued. Fed credit has now been down 7 weeks in a row, and the numbers aren’t small. The bulk of the plunge has been in currency swaps with foreign central banks, but other programs were down as well. The Fed issued new terms...
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Fed Pushes On String – Professional Edition
The Fed shrank its balance sheet this week. When they do it once it’s one thing, but when the number is downtrending over 4 weeks it’s time to sit up and take notice. The Fed is apparently having a problem forcing credit into the system. It’s also playing another little noticed game that has...
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Defense Stiffens At Goal Line – Professional Edition
The Fed revealed late today that it had bought some $23.5 billion of MBS paper this week on top of $3.5 billion in direct GSE obligations. Although they partially offset that by not renewing $20 billion worth of repos, the primary dealers and other big market makers had enough cash to stop a meltdown...
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Fed Report
There were no Treasury auctions today. The Treasury announced next week’s 13 and 26 week bill auctions today, a day earlier than usual due to the holiday. Both will be for $28 billion. Both are $1 billion more than the TBAC estimate made on October 31. Both are $1 billion more than the amounts...
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