In accordance with the most recent FOMC directive, the Open Market Trading Desk at the Federal Reserve Bank of New York has updated the current bi-weekly schedule of agency MBS purchase operations.
We’re in the midst of the most volatile market environment in our lifetimes. Even more so than 2008. The daily noise is incredible, with headlines nonstop and wild price movements every hour […]
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It seems like the market wants to base out here. But I have a sense of foreboding when I look at the hourly chart. Maybe that’s bullish. I’m often my own best contrary indicator.
The Fed has undertaken so many rescue programs since Friday that my head is spinning. It’s hard to keep track of it all. A schedule…
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.
The front end of the yield curve is flattened out near enough to zero. While the bill yields I noted this morning did not finish the day session with a negative, they were close and several have traded that way in the after hours session (as of this writing, the benchmark 3-month bill is -1 […]
Markets continue to be in disaster mode the likes we haven’t seen since the financial crisis. Intra-day volatility as high as during 1929, $VIX nearly as high as 2008. Liquidations galore and […]
Negative Treasury rates are here. The front end of the yield curve fell below zero for the first time, the equivalent yield for the 4-week T-bill at -0.025% as I write this. The benchmark 3-month yield is straddling zero (while 3-month LIBOR jumps, as noted yesterday). These are not surprising developments. They are to Jay […]
New York prices are gapping and reversing daily. It’s madness if you don’t stay up all night trading the fucutures. The dead bodies are floating to the surface.