Central banks will print a lot of money and keep cash interest rates at such low levels that they will have negative real returns and negative returns relative to assets that behave well in times of reflation.
Another day, another new Federal Reserve “bailout.” As these things go by, quickly, the details become less important. What is the central bank doing today? Does it really matter?For me, twice was enough. All the way back in 2010 I had expected other people to react as I did to QE2. If you have to […]
The Fed has cut back on its outright Treasury purchases. But the Treasury is still pounding away at the market, flooding it with enormous amounts of new supply day after day.
This should be bearish, but so far it hasn’t been. Here’s how that could change today.
NY Fed treasury securities operations $4.632B TIPS Purchase 2020-04-09
NY Fed treasury securities operations (POMO) $4.632B TIPS Purchase 2020-04-09
(POMO) $10.000B Coupon Purchase 2020-04-09
Fed $3.866B Coupon Purchase 2020-04-09, NYFed treasury securities operations
NYFed treasury securities operations (POMO) $3.866B Coupon Purchase 2020-04-09
NYFed treasury securities operations$14.000B Coupon Purchase 2020-04-09
(POMO) $6.0B Billion Purchase 2020-04-09