Federal revenues fell in October for the first time since February. And outlays rose, widening the deficit. The Fed raised its ante in response. Here’s what this means and what you should do about it.
Liquidity Trader
Technical Trader
Technical Trader
Stock Market Gains Relentlessly on Weak Momentum
by Lee Adler • • 0 Comments
Momentum is weak, but the market keeps plowing ahead. Here are the latest targets for this move.
Gold Mining Stocks Trader
Gold and Mining Stocks Trader
Will Gold Hold or Get Rolled?
by Lee Adler • • 0 Comments
Good morning from Bordeaux, France! Gold is setting up a nice base. That is, unless it breaks. Here’s what to look for. Subscribers, click here…
Lee's Free Thinking
Lee's Free Thinking
US Treasury Would Out of Money, So Borrows Via Cash Management Bill
by Treasury Offering Announcements • • 0 Comments
But they will gladly pay us back on Tuesday. They’ll borrow more to do it.
Lee's Free Thinking
Transitioning to Europe
by Lee Adler • • 0 Comments
You may heve noticed a lack of posts since yesterday. Ijust arrived in Paris, beginning my annual European sojourn. I’ll be settling in to Bordeaux this evening, here in France, or mid afternoon in the US. Regular posting will resume after that. Follow the money. Find the profits!Liquidity is money. Regardless of where in the world that money originates, eventually…
Federal Reserve QE New, Lee's Free Thinking
NY Department of Welfare Announces Increased Subsidies for Primary Dealers, Thank God!
by Lee Adler • • 0 Comments
The Department of Welfare and Mendicant Services at the New York Fed has released the schedule of repurchase agreement (repo) Primary Dealer welfare support operations for the monthly period from November 15, 2019 through December 12, 2019. Let us give thanks.
Federal Reserve QE New, Lee's Free Thinking
Today’s Fed QE, TOMO, and POMO AKA QE New
by Lee Adler • • 0 Comments
The Fed bought $15.7 billion in T-bills, notes, and bonds from dealers. That’s higher powered money because the Fed is actually cashing out the dealers. TOMO is just a loan to enable them to carry their fixed income inventories without having to liquidate at a loss.
And boy they took some losses last week.
Federal Reserve QE New, Lee's Free Thinking
US Treasury Defecates – Held In The Bowels of The Fed
by Lee Adler • • 0 Comments
The Federal budget deficit is blowing out. Federal tax revenues are growing slowly, and Federal outlays are exploding. The Fed is monetizing the debt. Here’s why this is like the Boeing 737 800 Max.
News and Opinion
Must Read
Germany Avoids Recession- Technically, That Is
by Jeffrey P. Snider • • 0 Comments
The Germans managed to do it, to avoid meeting the dreaded technical definition of recession.
Must Read
Beware of Gartmanburger Contrary Indicator
by Tim Knight • • 0 Comments
will religiously, and without question, respect the Gartman indicator. It is a deep personal failing that I have elected to ignore it, time and again.
Must Read
The Unwind of the Fed Balance-Sheet Unwind May Be Buoying Stocks
by Anthony B Sanders • • 0 Comments
The Federal Reserve says that its Treasury-bill buying program isn’t the same as quantitative easing.
Must Read
TIC for September: Not Repo But ‘Further Flaws’
by Jeffrey P. Snider • • 0 Comments
The Treasury Department’s TIC for September 2019 finally arrived yesterday.
Must Read
Market Highs Mean Nothing to Tim’s Short Portfolio – 12 New Ones
by Tim Knight • • 0 Comments
The market hit lifetime highs today, yet my all-short portfolio, God bless it, is nicely in the green. ddHere are a dozen positions I just added.
