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…
Tax collections for March, and the month ended April 4, were so weak that they indicate that the US economy is now in recession. Non-subscribers,…
Bulletin: The US Treasury just announced another T-bill paydown. That brings the one week total, April 4-11, to $55 billion. That’s more than enough in…
The game has changed and there’s not even a pitch clock. But there is a bond market loss clock. Right now, it’s on a timeout.…
Last week I wrote that the Fed is playing a new game and nobody knew the rules. I felt like I needed a week to…
