Clik here to view.
QE Moved Out of On-the-run
There still hasn’t been any official acknowledgement that QE damages effective liquidity by removing usable collateral from the system. By purchasing US Treasury debt securities, including those just...
View ArticleClik here to view.
Gold and Reverse Repos
Despite now two doses of QE taper and much more confirmation that the FOMC will be committed to that course, gold prices have not collapsed. Conventional wisdom has been uniform in believing QE as...
View ArticleClik here to view.
The Bad News Of Repo Fails Subsiding
With the latest data from FRBNY in hand, the surge in repo fails authorities and certain credit market observers that were stressed over the affair, it is actually confirmation of regularity, and thus...
View ArticleClik here to view.
Chapter 2 In The RRP Fairy Tale
Behind our new paywall, I have been documenting the behavior of “dollar” money markets as they relate to China and elsewhere (global, general liquidity) but recent data in repo demand a more open...
View ArticleClik here to view.
QE Moved Out of On-the-run
There still hasn’t been any official acknowledgement that QE damages effective liquidity by removing usable collateral from the system. By purchasing US Treasury debt securities, including those just...
View ArticleClik here to view.
Gold and Reverse Repos
Despite now two doses of QE taper and much more confirmation that the FOMC will be committed to that course, gold prices have not collapsed. Conventional wisdom has been uniform in believing QE as...
View ArticleClik here to view.
The Bad News Of Repo Fails Subsiding
With the latest data from FRBNY in hand, the surge in repo fails authorities and certain credit market observers that were stressed over the affair, it is actually confirmation of regularity, and thus...
View ArticleClik here to view.
Chapter 2 In The RRP Fairy Tale
Behind our new paywall, I have been documenting the behavior of “dollar” money markets as they relate to China and elsewhere (global, general liquidity) but recent data in repo demand a more open...
View ArticleClik here to view.
Mor(e)on Collateral
The front end of the yield curve is flattened out near enough to zero. While the bill yields I noted this morning did not finish the day session with a negative, they were close and several have traded...
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Sentiment v. Substance: Checking In On Collateral Via, Yes, The Fed
The Federal Reserve, like other central banks around the world, it does lend out the securities it owns and holds. Sophisticated modern wholesale money markets are highly collateralized, so much so...
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There Is An Absolutely Solid Collateral Case For What’s Driving Curve...
With the 7s10s already inverted, and the 5s today mere bps away, making a macro case for the distortion isn’t too difficult. Despite China’s “upside” economic data today, even the Chinese are talking...
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