The Treasury will raise “just” $67-72 billion new cash next week. That’s some $20 billion less than the TBAC forecast. Woohoo. The recovery is here.…
The Fed’s strategy of pumping money into the markets with QL1.5 has been “working” on several levels. Treasury yields have plunged. Stocks are bubbling, the…
Monday’s auctions again saw strong demand, but higher rates. Supply was actually a bit lower than anticipated, this week. The TARP warrant sales probably had…
The month to date tax receipts for the full month of February are out. Withholding taxes were down 2.3% year to year. That’s a big…
The Treasury issued its refunding statement on Monday, followed by the Treasury Borrowing Advisory Committee quarterly report on Tuesday. The statement recognized the reduction in…
The Case Shiller Index of US housing prices for November has essentially turned flat over the past two readings. As usual, it is understating the…
Month to date tax receipts are now in for the entire month of December. They’re down 7.7% from December 2008, which is exactly the same…
Tax receipts collapsed at an annual rate of 18% in October, which is far worse than I had feared based on our tracking of the…
Monthly tax receipts for August are out and the comparisons are ugly. Meanwhile, Treasury paydowns this week mean that there’s $20 billion floating around with…
In the Professional Edition Fed reports posted 3-4 times weekly, I make use of the quarterly estimates of the Treasury Borrowing Advisory Committee of the…