A couple of minor technical problems called “business” and “life” have now intruded on my increasingly bogged down publication schedule that, in the interest...
Read More »
Posts Tagged ‘ Us Treasury ’
Egad, The Fed Pisses Me Off
From the excellent Binyamin Applebaum at the NY Times: One part of the economy that’s growing rapidly is the Federal Reserve. These are boom times for the central bank, which persuaded Congress to expand its responsibilities significantly in the wake of the financial crisis. And with greater responsibility comes a larger budget. If not...
Read More »
Rescap, US-owned Ally’s mortgage unit files bankruptcy (via AFP) – Full Story
US-owned Ally’s mortgage unit files bankruptcy (via AFP) Troubled US Treasury-owned lender Ally Financial said Monday its was placing its mortgage unit into bankruptcy protection as the government seeks to reduce loss risks from a major $17 billion crisis-era bailout. Ally said the unit, Resolution Capital, burdened with toxic loans from the subprime crisis…
Read More »
JPM Appoints Former LTCM Trader And Chairman Of TBAC As Replacement | ZeroHedge
Now… Matt Zames… Matt Zames… where have we heard that name before… OH YES: he just happens to be the Chairman of the Treasury Borrowing Advisory Committee, aka the TBAC, aka the Superommittee that Really Runs America. The Matt Zames who… “previously worked at hedge fund Long-Term Capital Management LP, may have benefited as...
Read More »
The Last Ponzi Game Standing
Lee Adler argues that the idea that US economic growth and European economic crisis proves that austerity is a bad thing is false. The US only looks good in comparison, because capital is flowing out of Europe to the last Ponzi game standing, the US Treasury market. The US Treasury magically and instantly converts...
Read More »
AdlerConobot Takes On Conomists’ Consensual Sexpectations
Job one for the US Treasury and its Primary Dealer enforcers is to keep yields low during weeks when the Treasury has a big load of notes and bonds to sell. Next week is one of those weeks, so the casino owners and managers will do what they can to gin up reasons for...
Read More »
Stigma, Who’da thunk
“You can make a firewall as high as you want and it will be no help” -Wolfgang Schäuble, new Eurogroup head, and German Finance Minister It was fun while it lasted but the bloom off the LTRO is now turning into, drum roll please, a liability. Funny how accounting that recognizes this concept works in...
Read More »
The Fed’s Painted into a Corner, With a Risky and Long Duration Portfolio
Two minute Radio Free Wall Street clip. Although the Fed’s Bullard is largely irrelevant as a voting member of the Fed, what he says is not. He said the central bank is on pause, and more stimulus is not currently warranted. On the balance sheet, Bullard commented that the Fed has taken substantial risks and he...
Read More »
Is the Ten-Year going to 3%?
These two articles point in a bad direction:
China’s 2011 total trade surplus was $183B. The surplus with the USA was $270B; the US was 150% of China’s total surplus. China imports lots of “stuff.” Crude oil is high on that list. I...
Read More »
On FX and Notes from D.C.
Three weeks ago (Link) I put on a short EURUSD position at 1.3115. It worked for a few hours, and then went south. I sucked wind and damn near got to where I had to cut it at a loss. Today the market got back to where I entered, so I dumped it. While...
Read More »
A default that isn’t a default and a sale that isn’t a sale
One of the biggest frauds of the past few years took place yesterday. The International Swaps and Derivatives Association (ISDA) confirmed that no “event of default” has occurred with the Greek debt restructuring, therefore no payouts on any outsta...
Read More »
Treasury Running Out of Cash, Announces 64-Day CMB In Addition To Usual Weekly Bill Offerings
Apparently seeing revenues falling well short of forecasts, the US Treasury today announced a surprise $20 billion Cash Management Bill (CMB). This bill was not included in the TBAC (Treasury Borrowing Advisory Committee) forecast schedule posted just last week. The simultaneously announced regular 6 month bill was $1 billion above the TBAC forecast. Here...
Read More »
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...
Read More »
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...
Read More »
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...
Read More »
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...
Read More »
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...
Read More »
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...
Read More »
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...
Read More »
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...
Read More »
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...
Read More »
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...
Read More »
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...
Read More »
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...
Read More »
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...
Read More »
US Treasury to sell toxic assets?
Who is gonna buy it? Wouldnt that undercut QEII?
Read More »
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...
Read More »
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...
Read More »
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 ...
Read More »
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....
Read More »
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...
Read More »
Radio Free Wall Street
Most Recent Economic Charts
Wall Street Examiner Exclusives
-
Rumors and Denials of Rumors
-
Winter Covers Shorts; Maladjusted US Economy Seems Good Because of European Capital Influx- Free Podcast
-
Three Critical Industries Now in Serious Capital Destruction Mode
-
The Deeper Meaning of the Facebook Flop
-
Weakening Federal Withholding Tax Collections Do Note Bode Well For Employment
Wall Street Examiner Contributors
Lee Adler
Newswires
Aaron Krowne
AG's Nightmare
Belisarius
Bruce Krasting
Charles Hugh Smith
Consumer Metrics Institute, Inc.
David Zeiler
Diane Alter
Dr. Kent Moors
Dude
Economic Perspectives from Kansas City
Frederick J. Sheehan
Frederick Sheehan
Jaime Levine
Keith Fitz-Gerald
Mark McHugh
Martin Hutchinson
NY Fed | Permanent Open Market Operations
Pretzel Logic
Russ Winter
Shah Gilani
Steve Northwood
The Implode-o-Meter Blog
Treasury Auction Results
Treasury Offering Announcements
William Patalon III
RSS Feed
Copyright © 2012 The Wall Street Examiner. All Rights Reserved.
Magazine Premium created by Themes by bavotasan.com.
Magazine Premium created by Themes by bavotasan.com.
Recent Comments