The Wall Street Examiner - Page 664 of 769 - Unspinning Wall Street ™

Why Instability Is The New Normal

Lee Adler Liquidity Trader - Macro Liquidity- Fed and Banking April 1, 2020

$321 Billion

That’s how much cash the Fed will pump into Primary Dealer accounts this week. Guess how much new Treasury issuance there will be over the same period. If you guessed $321 billion, you would be all but correct. It’s $328 billion.

That’s right. The Fed is buying all of the COVID19 rescue financing. It’s inventing imaginary money to pay Primary Dealers for that new supply. The Fed is printing the money to pay for the economic bailout.

And it’s not stabilizing the financial markets. Here’s why, and what it means

Banks Or (euro)Dollars? That Is The (only) Question

Jeffrey P. Snider Other Guys April 1, 2020

It used to be that at each quarter’s end the repo rate would rise often quite far. You may recall the end of 2018, following a wave of global liquidations and curve collapsing when the GC rate (UST) skyrocketed to 5.149%, nearly 300 bps above the RRP “floor.” Chalked up to nothing more than 2a7 […]

Drawn and Quartered

Sven Henrich Other Guys April 1, 2020

Off to the new quarter we go. The last quarter was historic, it had a massive blow-off top fueled by cheap money andexuberant optimism ignoring all the negatives and technical warning signs, […]

Treasury announces 102-Day Bill

Treasury Offering Announcements Other Guys April 1, 2020

102-Day Bill Offering Amount: 40 Billion

39-Day Bill Treasury Auction Results

Treasury Auction Results Other Guys April 1, 2020

39-Day Bill High Rate: 0.080% Total Accepted: $45,000,378,600

119-Day Bill Treasury Auction Results

Treasury Auction Results Other Guys April 1, 2020

Term and Type: 119-Day Bill Total Accepted: $40,000,546,500 High Rate: 0.130%

Fed’s Anti Aircraft Fire No Match for Treasury Bombing

Lee Adler Lee's Free Thinking April 1, 2020

The Fed is buying all the new Treasury supply with enough cash left over for the dealers to mount a defense. They aren’t.

US: $24.000B CouponPurchase 2020-04-01 NYFed treasury securities operations

NY Fed | Treasury Securities Operations NY Fed Operations April 1, 2020

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: $5.000B CouponPurchase 2020-04-01 NYFed treasury securities operations

NY Fed | Treasury Securities Operations NY Fed Operations April 1, 2020

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.

China’s Back!

Jeffrey P. Snider Other Guys March 31, 2020

The Washington Post began this week by noting how the US economy seems to have lost its purported zip just when it needed that vitality the most. Never missing a chance to take a partisan swipe, of course, still there’s quite a lot of truth behind the charge. An actual economic boom produces cushion, enough […]