The chart of combined foreign central bank holdings and RRPs with the Fed continues to plunge in opposition to the US market rallies. The charts show that foreigners continue run from the US.
The chart of combined foreign central bank holdings and RRPs with the Fed continues to plunge in opposition to the US market rallies. The charts show that foreigners continue run from the US.
The countdown to a U.S. liquidity cliff is narrowing. Treasury cash is still being drained aggressively, and while estimated tax inflows on June 15 provided a brief lift, outflows have already resumed. The illusion of calm may persist through xxx xxxxx…
The countdown to a U.S. liquidity cliff is accelerating. This report lays out the critical data and underlying forces pushing markets toward that cliff—seemingly with no awareness or care. Many will go over. We’ll be prepared to stop short.
Here’s t…
The countdown to a U.S. liquidity cliff is accelerating. This report lays out the critical data and underlying forces pushing markets toward that cliff—seemingly with no awareness or care. Many will go over. We’ll be prepared to stop short.
Here’s t…
Withholding tax collections rose year-over-year as of June 2, but the underlying trend has been weakening since December. Despite a short-term rebound, the muted bounce points to recession risk, especially given disruptions from tariffs.
Withholding tax collections rose year-over-year as of June 2, but the underlying trend has been weakening since December. Despite a short-term rebound, the muted bounce points to recession risk, especially given disruptions from tariffs.
Withholding tax collections rose year-over-year as of June 2, but the underlying trend has been weakening since December. Despite a short-term rebound, the muted bounce points to recession risk, especially given disruptions from tariffs.
The Treasury’s aggressive T-bill paydowns have acted as synthetic QE, injecting liquidity into the financial system and fueling a powerful stock market rally since April. This has all been foreseeable, and has played out as forecast. The Treasury Gene…
Primary Dealers are pulling back from Treasury absorption — not by choice, but by constraint. With inventories falling despite relentless coupon issuance, the data confirms what recent auctions have already hinted: dealers are maxed out.
This report…