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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Radio Free Wall Street
Posts Tagged ‘ Us Treasury ’
Federal Reserve’s Portfolio: the Short of a Lifetime
“In economics, things take longer to happen than you think they will, and then they happen faster than you thought they could.” – Rudiger Dornbusch Ben Bernanke made some surprisingly frank confessions in his House testimony about Fed portfolio risk. When asked what the effects of a mortgage refi program would be on his...
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On FX
On October 25 I wrote about what, at the time, looked like an overvalued EURUSD (it was 1.3950). Zero Hedge had an article attributing the strength to ongoing capital repatriation by EU (primarily French) banks. My words:
As long as there is Euro repa...
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The Last Ponzi Game
This is an extended excerpt from the Wall Street Examiner Professional Edition Treasury Report, a companion report to the Fed Report to be posted later this weekend. Subscriber link to the complete report is at the end of the excerpt. A heavy Treasury auction schedule with a big settlement on Thursday was enough to...
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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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Foreign Central Banks Have Left the Building
Tracking foreign central bank (FCB) holdings of US Treasury and Agency (Fannie, Freddie, and minor government agencies) paper has been one of the most important lines of inquiry in my analysis of market liquidity for the past 9 years. This information is available virtually in real time each week in the Fed’s weekly H41...
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US Treasury mulls floating rate debt security
http://www.ft.com/cms/s/0/0cf3791e-fbfd-11e0-b1d8-00144feab49a.html#ixzz1beXMzM4O
US Treasury considers floating rate new debt security
The US Treasury and Wall Street dealers are set to discuss whether to introduce a new debt security to help fina...
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Threads In A Foreboding Tapestry
Two weeks ago I began to report to subscribers of the Wall Street Examiner Professional Edition Fed Report that foreign central banks (FCBs) had begun to engage in unprecedented levels of disgorgement of their massive holdings of US Treasury and Agency paper. Prior to this year, the FCBs had typically absorbed the equivalent of...
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Geithner: “He’s (Obama) not in charge, I am.”
Europe Stunned After Being Told “Obama Is Not In Charge”
A new report prepared by Russian Deputy Finance Minister Tatyana Nesterenko about the Eurogroup meeting of the Informal conomic and Financial Affairs Council (ECOFIN) in Wroclaw Poland on th...
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China to liquidate US Treasuries?
http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100011987/china-
to-liquidate-us-treasuries-not-dollars/
Ambrose Evans-Pritchard details how "A key rate setter-for China's central bank let slip – or was it a slip? – that Beijing aims t...
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Liquidation of Stocks Required To Keep Treasury Yields Low
The markets faced massive Treasury supply this week and shook, rattled, and rolled as a result. Surprise, surprise, surprise—not— the Treasury market got the benefit of the instability, as investors were scared out of stocks and all things European, and into Treasuries. However, in case you didn’t notice, after last week’s big Treasury rally...
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The Once and Future Dips of the U.S. Economy
Last week, it looked as though a tide might have turned. The Dow fell another 97 points on Friday. And the 10-year US Treasury note rose to yield less than 3%. What will happen next? We don’t know. But it wouldn’t be a bad thing if investors too...
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Government Heads For Budget Collapse
The US Treasury, running short of cash, announced a $15 billion, 6 day cash management bill to carry it through to June 15 tax collections and settlement of new notes and bonds. The government is massively overshooting Treasury Borrowing Advisory Committee (TBAC) borrowing estimates issued in May. As I pointed out in the Treasury...
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400 Analysts and Economists Are Bullish….
400 Analysts and Economists Are Bullish. But Before You Join Them, See This Chart
5/4/2011 5:30:00 PM
Please read these financial news headlines and then take a guess as to when they were published:
IMF predicts an energet...
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US Treasury to sell toxic assets?
Who is gonna buy it? Wouldnt that undercut QEII?
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Japan’s GDP shrinks by 1.3%
continuation of the Ponzi requires debt markets to continue growing without limits .... who is gonna buy all this new and roll-over debt that needs to find a home? no guidance from the Bernank re: QE3 as it might cause a waterfall decline in debt marke...
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The Last Bull Market In Paper
The month of June, the stated end of the Fed's monetization/debt creation, matches Armstrong's turn .... when the Bernank ostensibly hits the wall with QE2. We are getting close. In another section of the latest letter Buckler points out that CDS sprea...
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If Any PIIGS Did What Timmy’s Treasuries Did
someone's gotta be wondering. If any of the PIIGS sovereign debt got drubbed today like little Timmy's Treasuries got slapped down today... would anyone be buying their stock market here? No frickin way. There'd be blood in the streets.
and let me ...
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The Art Of War
“There is little reason to fear a wholesale pullout by China from U.S. government bonds.” – Former Federal Reserve Chairman Alan Greenspan The conventional wisdom is that China will keep tolerating the buying and ownership of bloated US Treasury Old Maid cards and MBS, because it’s “in everybody’s best interest” to subsidize the US....
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Pale Around the Gills
Sprott Securities has a piece out questioning how the US Treasury is funding its monster debt offerings. They question one category called “other investors”, which is clearly another vague and pointless disclosure now all too typical. Personally I think the Fed has orchestrated some purchases of toxic MBS and agencies in exchange for a...
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Easy Street, Just This Week – Professional Edition Fed Report
Weeks where the Treasury isn’t pounding the market with new debt are few and far between, and that should be bullish. Demand for short term paper seems insatiable with panic level bid/cover ratios on the short term bill auctions, and a record indirect bid on the 13 week bill. The market’s problem now has...
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Weekend at Bennies
The US Treasury managed to sell $109 billion in new coupon securities offering with ease; 2 year: $42 billion, 5 year: $39 billion, 7 year:$28 billion. The Fed broker-dealer manipulation machine is working smoothly and like clockwork. Uncle “weekend at Bennie” lines up the ducks, and the BDs mow them down and line their...
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Actionable Stress Testing the Gumnut Confidence Game
The next stage of the “crisis” could very well be the need to stress test the Federal Reserve, and the US Treasury who have managed to set up a Gordian Knot of obligations and guarantees. In effect they have inherited a big chunk the fictitious capital (FC) and a good measure of the Old...
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Calling on “Experts” to Help With Looting the Public Treasury
At last (a full four months after it started) a public watch dog agency has gotten around to looking at the details of the US Treasury’s TARP program. And to little surprise it turns out that this racket has been rather aggressively looting the Public Treasury to float too big to fail, take these...
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Big Fat Zero – Professional Edition Fed Report
The 4 week T-bill was auctioned at absolute zero on Tuesday. We’ve been expecting this. More amazing was the bid/cover of 4.20, and a huge indirect bid. Even after all the frantic actions of the Fed and the US Treasury, the level of fear and panic in the market actually appears to be increasing....
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Grin and Bear It – Professional Edition Fed Report
Last week’s huge gift from the US Treasury in the form of a $23 billion debt paydown is apparently the gif that keeps on giving, at least as far as the stock market is concerned. There’s just one problem. The Treasury started taking it back this week, and it will continue to take more...
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Hank and Ben’s Excellent Short Term Gift – Professional Edition
The market got a huge gift from the US Treasury this week in the form of a $23 billion debt paydown. That cash put a bid under stocks and exacerbated the panic into Treasuries. The Treasury faces $40 billion in CMB expirations next week, and so far, there’s no announcement that they will be...
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