Wednesday is the big day as the ECB reintroduces El Toro (LTRO) Grande otherwise known as the big Long Term Refinancing Operation. Everybody, and I…
Primary Dealers, banks, foreign central banks, and fund investors are having a sex orgy.
The Fed settled a huge chunk of its forward MBS purchase contracts last week, adding significantly to market liquidity while confronted with moderately heavy Treasury…
The bulge in tax withholding has ended and so has the brief semi-vacation from huge Treasury supply. That will make conditions a little tougher on…
Liquidity indicators were mostly weaker last week. I have downgraded the intermediate trend on 2 of them from Bullish to Neutral. The majority are now…
Liquidity indicators were mixed last week, but overall they remain firm, with trend indications split between bullish and neutral.
The Treasury market panic continued this week, with yields heading for new lows, thanks partly to a return of central banks to the table at…
Liquidity indicators backed off slightly from their recent strength last week, but overall they remain firm. I see no reason to expect either a big…
Treasury yields reached the top of the recent range and appeared headed for a breakout when along came Ben, with his mighty arms outstretched he…
Those who don’t know me well have sometimes accused me of being a permabear. Those of you who do know me via these reports know…
