With Treasury paydowns ending that week, and the Treasury returning to the market to claw back big chunks of the cash it had injected into…
Macroliquidity declined last week, but the trend is still positive, although at a much shallower angle than during the years when the Fed was doing…
This is even more important than the FOMC announcement. Now that the debt limit deal is all but signed, sealed, and delivered, the Treasury will begin to claw back some of the $140 billion in cash it paid to dealers and other investors who held expiring 4 week bills, and maturing 2 year notes that were not rolled over since September 15,
In our review of the weekly Fed balance sheet arcana and other banking system data, I take a brief look at the impact of the…
The market’s vicious October rally has been lifted on a rising tide of liquidity, with only a tepid rise in bullish attitudes leveraged to that.
The Fed’s liabilities settled down last week after a couple of weeks of wild fluctuations which resulted directly from the Fed encouraging banks to dress up their quarter end balance sheets with Fed RRPs. Now that those shenanigans are done until the end of December, a semblance of normalcy has returned to the balance sheet.
The US stock market recently has begun to appear flush with cash again. Dip buyers have returned with a vengeance. The levers and pulleys between…
I will no longer comment on the bulk of the FOMC minutes. They focus on the Fed staff’s and FOMC members’ views of the economy and the markets. Why bother with that? The Fed makes policy on an ad hoc basis based on whatever happened in the markets in the weeks immediately prior to the meeting. Forward guidance is therefore meaningless and so analyzing the propaganda about the Fed’s decision process is a waste of time.
This is an excerpt of a Pro Trader Weekly Macroliquidity service update. Macroliquidity Pro Trader weekly subscribers (or Professional Edition), click here to download complete report…
How pathetic is this bunch of clowns at the Fed. Thanks to a couple of special end of month Reverse Repo operations for window dressing…
