It was a shocking week. $36 billion in Fed cash was only enough to keep the Treasury market flat for a few days on the heels of a week long selling panic. Likewise it was only sufficient to keep the stock market flat. The rest of the helicopter cash seemingly went into hiding, perhaps to blast the market higher on a delayed basis? Or have the foreign central banks (FCBs) pulled the plug, draining the pool as fast as the Fed tries to fill it? Some of those questions may be at least partly answered by a review of the Fed’s H41, which I will post late on Friday.
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