The Census Bureau reported today New Home Sales remained at a better than 700k SAAR in September following the big jump over the previous few months. Though the number was slightly lower last month than the month before, it wasn’t meaningfully less. As discussed yesterday, while that might seem the Fed’s rate cut psychology combined […]
Flash PMI’s from IHS Markit for the US economy were split in October. According to the various sentiment indicators, there’s a little bit of a rebound on the manufacturing side as contrary to the ISM’s estimates for the same sector. Markit reports a sharp uptick in current manufacturing business volumes during this month. The manufacturing […]
Today’s Fed POMO was small, but TOMO went through the roof.
When we talk about money dealers (not just primary dealers) and liquidity, we aren’t just zeroing in on the repo market.
While things go wrong for Jay Powell in repo, they are going right in housing.
It’s the same old “rescue the dealers and bankers, enrich the hedgies, and screw the little guy,” all the time.
The Fed is expanding its de facto Standing Repo Facility.
Notice the words, “at least.”
Nothing to see here. Move along.
The Fed has gone into full intervention mode. These liquidity injections are absolutely massive
Even if we don’t measure the erosion of intangible capital, the social and political consequences of this impoverishment are manifesting in all sorts of ways.The central thesis of my new book Will You Be Richer or Poorer? is the financia…
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.