In a recent post, I covered the difference between M1 and MZM money supply, which effectively links money available to households and institutional investors for investment purposes, including households deposits that are available for investment by th…
Here’s the thing about gambling: risk cannot be made to disappear, it can only be transferred to others.Those taking seats at the gaming tables in the Federal Reserve’s casino believe that they can’t lose. Or more precisely, any losses they suffer…
Weekly data for initial unemployment claims for the week ending June 13, 2020 is out, so here are the updated ‘America’s Scariest Charts’:Index of employment, benchmarked to the pre-recession peak employment:Estimated total non-farm payrolls:And initia…
Not sitting in their accounts. Offered by the Fed. Not even available because only Treasury and MBS collateral accepted.
I addressed that point specifically in this report. The fact that they would pay down repos, and have in fact been doing so, …
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.
US: $3.601B CouponPurchase 2020-06-18 NYFed treasury securities operations
Primary dealers have been gradually paying down their outstanding repo loans from the Fed, just as we have long expected. This has momentous implications for the stock and bond markets. You need to see these charts!
High Yield: 1.314%
Total Tendered: $47,072,490,300
Total Accepted: $19,325,136,300
Moratorium applies to Enterprise-backed mortgages Washington, D.C. – Today, to help borrowers and renters who are at risk of losing their home due to the coronavirus…
This is too hard to bear.