What the market doesn’t know, will hurt it. The US economy slowed radically in November. It may have even contracted. We don’t need jobs data…
Back in the good old days of QE, liquidity analysis was straightforward. The Fed pumped money into the markets via the conduit of Primary Dealer…
If liquidity can’t explain a rally, it can’t sustain the rally. Non-subscribers, click here for access. Subscribers, click here to download the report. Banking indicators…
Despite what the pundits tell you, and despite the massive rally in the Treasury market over the past few days, the problem of Treasury supply…
Well, it’s that time of the month again. What time is it boys and girls? It’s time to review the US Government’s end of month…
Composite Liquidity is flat and will almost certainly remain no better than flat for as long as the Fed continues to shrink its assets. There’s…
This report was originally sent yesterday under the wrong headline. Mid-July was a period of extreme risk in dealer positioning. The subsequent weeks until October…
Mid-July was a period of extreme risk in dealer positioning. The subsequent weeks until October 4 indicated a shift toward deleveraging that could become persistent,…
Which stupid Wall Street is finally starting to recognize. You would think that after 3 years of a bond bear market they would have understood…
I’m thinking in particular of the late 1960s to 1982, the era when I got my start in this business. It was a time of…
