The US Treasury will sell $191 billion net in new T-bills this week. How? They’re up against the debt ceiling. I guess they’ll pay down intragovernmental debt. But why. Why, O Load?
15 hours ago, DrStool said:What in holy hell. How are they doing this?
01/24/2023 Bills $226,000 $124,991 $101,009 01/19/2023 Bills $168,000 $98,999 $69,001 01/17/2023 Bills $151,000 $129,973 $21,027
Does Madame Secretary want to force the crisis sooner rather than later? Do they want to make sure that market rates continue to rise? The 4 week T-bill is now up 65 bp since the Fed last played ketchup with the Fake Funds rate.
It is a riddle wrapped in a mystery, inside in an enema. And what comes out?
Meanwhile, stocks have arrived at a permanently high plateau. At least on the hourly chart of the 24 hour ES, S&P fucutures. Stay tuned for further developments as they happen. Net will end soon, and then what? Long Live the Bear. The Bear is Dead
And try not to fall asleep.
With the Treasury sucking $191 billion in cash from the market, and probably also scheduling big bond and note issuance for end of month, it will be interesting to see how the bond market behaves. A Funny Thing Happened on the Way to the Debt Ceiling.
For moron the markets, see:
- Long Live the Bear. The Bear is Dead January 17, 2023
- A Funny Thing Happened on the Way to the Debt Ceiling January 16, 2023
- Gold in Them Thar Hills, January 11, 2023
- Swing Trade Screen Picks – Low Conviction January 9, 2023
- Withholding Taxes Are Soaring January 6, 2023
- Composite Liquidity Still Bearish, No End in Sight December 23, 2022
If you’re serious about the underlying forces of supply and demand that drive the markets, join me!
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