I have been warning for months that once the debt ceiling was lifted the money markets would tighten dramatically. It’s happening. Here’s a rundown of…
Normalization is dead. And that, ladies and gentlemen, is all she wrote. A little bit of Fed POMO won’t be enough to save the bond market, or stocks for that matter.
The trend is your friend, and the Fed has gone soft. And traders know it. But there may be trouble in Primary Dealer Bond Land.
The Treasury has been pounding the market with supply since the debt ceiling was lifted in early August. Yet stock and bond markets have both…
Withholding taxes soared for most of August, far in excess of indicated jobs growth. But the Treasury hasn’t even started to rebuild its cash account. Here’s what that means.
The Treasury and the Fed are colluding to boil the bond investor frogs on a sunny sidewalk.
One thing I learned years ago as a Florida resident running an online business is that I don’t want to stick around to see if…
In July we saw that the market was at a record overbought extreme versus liquidity. I warned then that the bullishness we saw earlier this…
Our purpose here is to examine Federal revenues and spending for any sign that the Fed would have any justification for a policy move. And…
The uptrend is particularly hot in loans to non bank financial institutions. That is composed largely of margin and repo loans. It’s clear that this borrowing has been a prime driver of the rallies in stocks and bonds. Live by leverage, die by leverage.
The data shows that the end is nigh.
