The Treasury began its massive paydowns starting with $11 billion on the weekly bills today, to be followed by another $32 billion in net payoffs of Cash Management bills tomorrow. The Fed not only did not drain any of that off, they added a net of $3.3 billion via $9 billion in 14 day repos…

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The Treasury is paying down a whopping $43 billion in debt over the next two days presenting the market with a huge pre-Christmas gift, as that cash will have to go somewhere. But there are signs that the Fed may be playing Scrooge, and that the foreign central banks may be packing it in. Click…

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While the Fed did nothing and said nothing on the rate front, in a very unusual move for an FOMC day, it drained $3.75 billion from the market, Click here to download complete report in pdf format (Professional Edition Subscribers). Try the Professional Edition risk free for thirty days. Unbundled subscription service packages starting from…

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A net of $43 billion in paydowns and CMB payoffs hitting Thursday and Friday should be enough to give the market some holiday cheer later in the week, unless the Fed plays Scrooge. Click here to download complete report in pdf format (Professional Edition Subscribers). Try the Professional Edition risk free for thirty days. Unbundled…

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Latest cycle conditions and projections for the US Dollar Index and 10 Year Treasury Yield. Click links to download report in pdf format. (WSE Pro subscribers only). Try the Professional Edition risk free for thirty days. Unbundled subscription service packages starting from as low as $39! Click here for more information.

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The Fed drained for the third time this week, pulling $4.5 billion out of the liquidity pool. The 5 day net remained at a drain of nearly $5 billion. In years past the Fed has typically added a large 30 day repo for the holiday season. It looks like they are foregoing that this year.…

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The Fed reversed field again on Thursday, pulling $4.8 billion out of the liquidity pool. It may be looking to counter the 2-3 week cycle of debt paydowns by the Treasury that begins next week.Click here to download complete report in pdf format (Professional Edition Subscribers). Try the Professional Edition risk free for thirty days.…

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The Fed did a mammoth net add of $10 billion by adding that amount of overnight repos against no expirations. As a result the 5 day net came back to just above neutral. The rate at the auctions was just above the Fed Funds target. I had noted in yesterday’s article, It’s the Liquidity Stupid,…

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The Fed announced a permanent coupon purchase of $878 million but did nothing on the repo front as $7.75 billion expired. The result was a net drain of $6.87 billion. The 5 day net dropped to an unusually negative $9.85 billion. Click here to download complete report in pdf format (Professional Edition Subscribers). Try the…

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