Tax receipts are not keeping up with the Treasury Borrowing Advisory Committee (TBAC) forecast.
Tag Archive for Management Bill
Latest Business Headlines, Lee's Free Thinking
Treasury Running Out of Cash, Announces 64-Day CMB In Addition To Usual Weekly Bill Offerings
by Lee Adler • • 1 Comment
Apparently seeing revenues falling well short of forecasts, the US Treasury today announced a surprise $20 billion Cash Management Bill (CMB). This bill was not included in the TBAC (Treasury Borrowing Advisory Committee) forecast schedule posted just last week. The simultaneously announced regular 6 month bill was $1 billion above the TBAC forecast. Here are…
Charts, Economics, Email Bulletins Archive, Liquidity Trader, Professional Edition
Bloody September
by Lee Adler • • 0 Comments
The following paragraphs are free excerpts from today’s Wall Street Examiner Professional Edition Treasury update. The subscriber link to the complete report is below. As I estimated last week, the Treasury needed more cash than originally scheduled, or originally forecast by the TBAC. It announced a big cash management bill on Monday, and another one…
Liquidity Trader, Professional Edition
More Bad News From the Treasury
by Lee Adler • • 0 Comments
The Treasury market buying panic continued this week with technical signs pointing to a 10 year yield possibly as low as 1.80, or even 1.60. That would be bad news for stocks. While the indirect bid remains about 25% below last year’s level at the Treasury auctions, foreign central banks have increased their buying in…
Economics, Email Bulletins Archive, Liquidity Trader
4 Week Bill Jumps to $35 Billion
by Lee Adler • • 0 Comments
The Treasury announced today that its 4 week bill will be $35 billion instead of $23 billion as forecast just last week by the TBAC. That’s $12 billion of the extra cash I was expecting the Treasury to need to pay its bills this week. It reduces the scheduled paydown (cash back to bill holders)…
Liquidity Trader, Professional Edition
TBAC Report Shows Why We Are Doomed
by Lee Adler • • 0 Comments
So the debt ceiling thing is “solved” but that may have been the least of the market’s problems. If my numbers are correct, the Treasury will need to raise money in the coming week that it hasn’t told the market about yet. My swaguesstimate last week was that they would need $96 billion of which…
Bears Chat, Best of the Forums
Here Comes the Deluge
by Lee Adler • • 0 Comments
Here comes the deluge I warned about, starting with a $20 billion Treasury Cash Management Bill to be issued tomorrow. The 3, 10, and 30 year paper will be as originally scheduled. Watch out for more CMBs, and/or much larger 13 and 26 week bills than p…
Liquidity Trader, Professional Edition
The Next Day Of Infamy
by Lee Adler • • 0 Comments
The key liquidity indicators outside of the Fed itself, including commercial bank and foreign central bank purchases of Treasuries and Agencies, large domestic bank trading accounts of non fixed income assets, and equity mutual fund flows all remain weak. Only net cash flowing from money funds into the banking system is still in a bullish…
Liquidity Trader, Professional Edition
POMO Can Pay For Treasuries or Stocks But Not Both
by Lee Adler • • 2 Comments
And soon it will end. Then what? The Treasury calendar was heavy this week, with 3 and 10 year notes and 30 year bonds auctioned in addition to the weekly bill auctions. It got even heavier when the Treasury announced a surprise $15 billion cash management bill to tide the government over until June 15…
Economics, Liquidity Trader
Government Heads For Budget Collapse
by Lee Adler • • 0 Comments
The US Treasury, running short of cash, announced a $15 billion, 6 day cash management bill to carry it through to June 15 tax collections and settlement of new notes and bonds. The government is massively overshooting Treasury Borrowing Advisory Committee (TBAC) borrowing estimates issued in May. As I pointed out in the Treasury update…
