The ES fuctures are up 22 points from their overnight low here at 5:25 AM ET, but that’s still down 46 from Friday’s close. It ran into multiple support lines and levels and blew away a 5 day cycle projection of 3260 at the low of 3248. The hourly indi…
61 percent of countries in Asia have not opened up their borders to travelers, making it the most closed-off region for tourists in the world together with the Middle East, where 62 percent of countries are sticking to the closures. This is according t…
Monetary policy can be implemented through outright purchases or sales of securities, which permanently changes the size of the Federal Reserve’s System Open Market Account (SOMA) portfolio.
From the bowels of the NY Fed
The battle to claw back a significant percentage of the $50 trillion is just beginning.
An important low is due right now but bears have a chance to break the market. This report shows you the setup and gives you…
September 17 – Wall Street Journal (Greg Ip): “Can words take the place of actions? The Federal Reserve hopes so. On Wednesday it issued a policy statement promising to get inflation above 2%. In their accompanying projections, officials indicated that…
Surprise, surprise! They pumped the money in but the market didn’t rise.
The Fed has been in the process of pumping $88 billion into Primary Dealer accounts this week in the form of its regular monthly MBS purchase settlements. Most of it is done. $22.7 billion of it will settle on Monday September 21. That will be the last MBS settlement until October 14-21.
Meanwhile, the Fed continues to purchase and settle Treasuries virtually every day. Over the past week that’s amounted to a total of about $37 billion. That means that a total of $103 billion in QE settled this week. That’s how much cash the Fed pumped into Primary Dealer accounts.
It didn’t matter. The stock market sucked gas. Bonds treaded water. It sure looks as though the Fed has somehow managed to magically peg bond yields just below 0.80% on the 10 year. The Treasury issued $104 billion in new coupon paper over the past week and that didn’t depress the market? It’s a miracle.
But isn’t it strange that the amount of QE and the amount of Treasury coupon issuance was virtually the same.
Uh… No.
But some other stuff sure as heck is, and you need to know about it.
Updating charts for the U.S. and EU27:Deaths per capita: the U.S. has overtaken the EU27 since May 18, and the trend for the U.S. continues to be worse than that for the EU27.EU27 death rate per capita has effectively flattened-out at around 303-…
Those who don’t see the fragmentation, the scarcities and the battlelines being drawn will be surprised by the acceleration of the unraveling.