June Federal tax data showed that the market rationale for the rallies in stocks and bonds was just plain wrong. I wrote about it last…
Primary Dealers continue to hold historically massive net long fixed income positions. They have purchased those positions using debt, resulting in huge increases in leverage.…
The US Treasury continues to pay down T-Bills. That puts cash back into the accounts of the dealers and investors that had held the securities…
Last month in the Treasury Supply update (May 16) I wrote that the debt ceiling would continue to force the Treasury to pay down debt,…
Tax collections were strong in May except for a dip that coincided with the Nonfarm Payrolls survey. Here’s why that’s unequivocally bad news for the…
The Composite Liquidity Indicator remains near a record extreme, and that’s scary. Here’s what you need to know. Click here to download the report (Subscribers…
Federal tax collections data, including withholding taxes and excise taxes, suggest jobs and other economic data for May will surprise the market. Click here to…
