Federal withholding tax collections surged in November on the heels of the October stall. That stall was due to hurricanes and the Boeing strike. We…
Measures of Primary Dealer holdings, financing and hedging are flashing warnings of an approaching stock market top. After surging for a couple of years they’re…
Measures of Primary Dealer holdings, financing and hedging are flashing warnings of an approaching stock market top. After surging for a couple of years they’re…
The coupon offering for the end of the month has been posted. Net new supply $145 billion. My forecast estimate was $130 billion. The language used…
The US government will sell T-bills this week in exactly the amount that it withdrew to pay interest on the Federal debt on November 15.…
Treasury supply is scheduled to moderate over the next 3 months but there will still be moments of pressure on the markets. How the new…
Federal withholding tax collections stalled in October. The jobs report mirrored the tax collections for a change. Non-subscribers, click here for the rest of the…
Primary Dealers were wrong about the Treasury market in September, and it has cost them. They reached a small net long position in their hedged…
This week I looked at the issue of bank capital and its relation to bond prices. This is another fly in the ointment that is…
Market rallies continue to be supported by adequate liquidity, but there are chinks in the armor. Nothing outright says “Sell now,” but there are warning…
