Tick Tock. No not the app. That’s the sound of the clock ticking. Non-subscribers, click here for access. Subscribers, click here to download the report.…
The Fed’s Reverse Repo (RRP) operations act primarily as a money market fund for money market funds (MMFs.) The MMFs were forced out of their…
The debt ceiling issue has been settled. Investors breathed a sigh relief and bought stocks. But they did it on margin, because the cash liquidity…
But First, A Number Before I get into the withholding tax data for May, the Treasury just posted the following on the heels of the…
Primary Dealers remain moderately hedged in their bond portfolios. There’s no sign in their data that disaster is imminent, but they are also not prepared…
We look at the charts of the banking and Fed balance sheet data, and current tax collections, in the context of the above heading. The…
Withholding tax collections through May 2 have been much weaker than the year ago period, and weaker versus last month. This does not bode well…
The tectonic plates of the financial sphere are heaving. The fault lines are growing. Fissures are widening. Cracks are spreading. The pressure is growing in…
We did a comprehensive review of key liquidity drivers last week. It’s an important report for an overview of the forces that are at work…
The one thing the Fed is good at is putting out fires. They did it again this time. Stopping bank runs in their tracks, preventing…
