Is the stock market at Irving Fisher’s famous “permanently high plateau?” Is that plateau a launchpad for even higher prices? Or is it perhaps a cliff?
Yes, it’s an emergency. No, it won’t be temporary. With a trillion or more a year in new Treasury supply coming to market as far…
Technology, like natural selection, has no goal.When it comes to the impact of automation (robots, AI, etc.) on jobs, there are two schools of thought: one holds that technology has always created more and better jobs than it destroys, and this wi…
It’s a dirty job and someone has to do it. May as well be me and I’ll make the bear case here as difficult as it is. And I say difficult, because […]
Instability in the multi-trillion repurchase agreement marketplace generates intense interest. This crucial market for funding levered securities holdings is critical to the financial system’s “plumbing.”
It wasn’t one and done like Chairman Powell had initially indicated, this “midcycle adjustment” hits two. And that is it, at least if you believe the current calculations spit out by the Fed’s models.
I have been warning for months that the Fed would need new QE to counter the impact of massive waves of Treasury supply. I thought that that would come later, rather than sooner. Sorry folks, wrong about that.
The FOMC will surely declare the repo operations a complete success. They were not.
In accordance with the FOMC Directive issued September 18, 2019, the Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York will conduct an overnight repurchase agreement (repo) operation from 8:15 AM ET to 8:30 AM ET tomorrow, Fri…
The new Fed TOMO (Temporary Open Market Operations) are the first sign that the Fed must move aggressively to counter the tightening of the money markets.