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Never Change, Christine

Why is anyone surprised Christine Lagarde stepped in it? This is who she is, who she has been her entire career. The woman is a walking disaster, screwing up from one place only to be promoted into the next. Her Argentina debacle was merely the latest – before yesterday. In case you were distracted by […]

The Fed’s New $1.5 Trillion in Repos Is The Wrong Medicine

The Fed panicked today. It doesn’t know what to do because, as Jeff Snider pointed out, it has no clue what the disease is.

NO! It’s not the coronavirus, as the Fed claims, and litterally everyone believes. So the Fed’s prescription can’t work.

The Fed announced today that it would attempt to stuff $1.5 trillion in short term loans into Primary Dealer trading accounts over the next 3 weeks. OK, but will there be any takers?”

(Almost) Everything Sold Off Today

The eurodollar curve’s latest twist exposes what’s behind the long end. To recap: big down day in stocks which, for the first time in a while, wasn’t accompanied by massive buying in longer maturity UST’s. Instead, these were sold, too. Rumors of parity funds liquidating were all over the place, which is consistent with this […]