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Just a reminder that yesterday the Fed pumped $83 billion into the trading accounts of Primary Dealers. Another $40 billion is coming next week on Monday and Wednesday. Moron that here.
Apparently they committed most of that cash to buying more Treasury paper yesterday, pushing yields down. The stock market is consolidating, yet again. I’m not willing to bet against it. The day will come, but this ain’t it.
Watch out if the 10 year yield starts backing up again. It’s likely to accompany another in this endless series of up days in stocks. 🤮🤮🤮
Find the extended outlook at Liquidity Trader.
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It’s 6:02 AM in NY, and 12:02 PM here in Poland. I’m on a train from Krakow to Warsaw, the city that was the home of my ancestors for godknows how long. It will be home for at least a month, and possibly several more.
I’m on a high speed train that’s as modern and comfortable as any I have ridden anywhere in Europe. The travel time from Krakow to Warsaw is 2:23.
I was extremely impressed with Krakow, a city that manages to nicely tie the historic center with the modern city surrounding it. It would be a fun place to live, just not in the winter. 😉 Photos here.