The Treasury began to pay off the weekly $25 billion in SFP CMBs this week resulting in a net paydown of $12 billion at Thursday’s bill settlements. That was a bullish influence on stocks as expected, but indirect bid data suggests that the FCBs weren’t all that aggressive in their bidding at the regular bill…
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Liquidity Trader, Professional Edition
Rivers of Cash – Professional Edition Treasury Update
by Lee Adler • • 0 Comments
Treasury supply was heavy this week, but the new paper doesn’t settle till Monday. That allowed Fed pumping to keep the market elevated early for the first half of the week as we expected, but the effects were finally felt on Friday, as some sellers may have needed to free up cash in order to…
