Withholding taxes rebounded in January, but they were still negative year to year in inflation adjusted terms, and barely positive in nominal terms. Non-subscribers, click…
Despite the fact that the Fed is no longer the only driver of the markets in one direction, it still plays a role indirectly. So…
The dealers have gone to an extreme of leverage against their bond positions for the second time since last July. Back then, the extreme lasted…
The dealers have gone to an extreme of leverage against their bond positions for the second time since last July. Back then, the extreme lasted…
Bank deposits, repo borrowing, and the Fed’s RRP facility have been the fuels for the rally. There are strong correlations between them and stock prices.…
Yesterday I posted a report on the plunge in the withholding data. Non-subscribers, click here for access. Subscribers, click here to download the report. That…
Withholding taxes plunged in December. They are by far the largest component of Federal tax revenue. This was not an anomaly. It was a continuation…
The market has reached maximum extension versus the Composite Liquidity Indicator. The indicator remains flat despite surging bank deposits. Investors and dealers appear to be…
I wish you and yours the happiest of holidays, a Merry Christmas, and Happy New Year! And a special thanks to you, Liquidity Traders! While…
Tracking total Primary Dealer financing, as reported weekly by the New York Fed, shows us the approximate level of risk inherent in dealer positions. This…
