Can a PMI actually hit zero? We may be about to find out.
When reality and truth become the sworn enemies of society’s political and economic elites, the society is well and truly doomed.
Term and Type: 273-Day Bill
CMB: Yes
Offering Amount: 25 Billion
So much for social responsibility. Sweden’s rate of new infections is 3-5 times greater than its neigbors Norway and Denmark. Its death rate is 15 times greater.
The dealers got a windfall from the Fed over the past couple of days. They used that to foment a rally in stocks. But it has been kind of puny relative to what we’ve gotten used to in recent weeks. And it looks suspiciously like a potential right shoulder of a head and shoulders top pattern on the hourly chart.
Of course, wishful thinking will kill you as a trader, and seeing a potential right shoulder is wishful thinking.
The Fed gives Primary Dealers money every day now. The dealers use that money to buy Treasury paper from Uncle Sam. Whatever the dealers don’t need for that purpose, they use to create mischief in the financial markets. You really need to know how much money they’re getting, how much they need, and how much mischief is coming as a result, every day. I’m happy to help you get that information.
The Fed has taken its foot off the gas pedal. We’ve been watching this for a couple of weeks now. Crunch time is almost here.…
A crucial component of many commodity futures markets is a concept called roll yield. It relates to the shape of the curve and therefore how the market is discounting the three fundamental factors of supply, demand, and financing. Contango versus backwardation, there’s a lot to consider and even more at stake.Back in late October 2018, […]
There used to be enough to absorb the pounding of daily gargantuan Treasury paper issuance, but $15 billion a day is way short of enough. We saw the results in the stock market yesterday. Something has to be liquidated to raise the money to pay for all that nice shiny new Treasury debt toilet paper that everybody wants but nobody can pay for.
What does it mean, then, that the futures are up overnight.
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.