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“Not A QE” Begins: Fed Start Buying $60BN In Bills Per Month Starting Next Week
“Not A QE” Begins: Fed Start Buying $60BN In Bills Per Month Starting Next Week Just one day after we laid out what Goldman’s revised forecast for the Fed’s “NOT A QE” will look like, which for those who missed it predicted that the Fed would announce “monthly purchases of about $60BN for four months, […]
After Unveiling ‘NotQE’, Fed Eases Liquidity Rules For Foreign Banks (Rescues Deutsche)
After Unveiling ‘NotQE’, Fed Eases Liquidity Rules For Foreign Banks (Rescues Deutsche) Having cracked down on Deutsche Bank in the past, The Fed appears to be playing good-regulator/bad-regulator as The FT reports thatDeutsche is expected to benefit most from an imminent change in The Fed’s liquidity rules. Specifically, US banking regulators have dropped an idea to subject local […]
The Repo Market Incident May Be The Tip Of The Iceberg The Federal Reserve has injected $278 billion into the securities repurchase market for the first time. Numerous justifications have been provided to explain why this has happened and, more importantly, why it lasted for various days. The first explanation was quite simplistic: an unexpected tax […]
Song Hongbing’s “Currency Wars” – a review
Song Hongbing’s “Currency Wars” – a review A revolutionary book from China, where it became a bestseller and is hushed up in Europe for (un)known reasons Did you know that the FED is actually a private bank and still has the right to issue dollars? Did you know that for over 200 years private bankers […]
NY Fed Announces Extension Of Overnight Repos Until Nov 4, Will Offer 8 More Term Repos
NY Fed Announces Extension Of Overnight Repos Until Nov 4, Will Offer 8 More Term Repos Anyone who expected that the easing of the quarter-end funding squeeze in the repo market would mean the Fed would gradually fade its interventions in the repo market, was disappointed on Friday afternoon when the NY Fed announced it […]
The Disaster of Negative Interest Rates
The Disaster of Negative Interest Rates The dollar strengthened against the euro in August, merely in anticipation of the European Central Bank slashing its key interest rate further into negative territory. Investors were fleeing into the dollar, prompting President Trump to tweet on Aug. 30: The Euro is dropping against the Dollar “like crazy,” giving […]
The Ghost of Failed Banks Returns
THE GHOST OF FAILED BANKS RETURNS Last week’s failure in the US repo market might have had something to do with Deutsche Bank’s disposal of its prime brokerage to BNP, bringing an unwelcome spotlight to the troubled bank and other foreign banks with prime brokerages in America. There are also worrying similarities between Germany’s Deutsche […]
Weekly Commentary: No Coincidences
Weekly Commentary: No Coincidences September 20 – Wall Street Journal (Daniel Kruger): “The Federal Reserve Bank of New York will offer to add at least $75 billion daily to the financial system through Oct. 10, prolonging its efforts to relieve funding pressure in money markets. In addition to at least $75 billion in overnight loans, […]
The Ghost of Failed Banks Returns
The Ghost of Failed Banks Returns Last week’s failure in the US repo market might have had something to do with Deutsche Bank’s disposal of its prime brokerage to BNP, bringing an unwelcome spotlight to the troubled bank and other foreign banks with prime brokerages in America. There are also worrying similarities between Germany’s Deutsche […]
The Coup Has Begun – The Empire Strikes Back Everywhere
The Coup Has Begun – The Empire Strikes Back Everywhere “I am altering the deal, pray I don’t alter it any further.” Darth Vader, “The Empire Strikes Back” You know I think there are no coincidences in politics. Everything happens on a particular schedule. So when I see a day as crazy as today I […]
The Fed Created The Everything Bubble And A Liquidity Crisis – What Happens Next?
The Fed Created The Everything Bubble And A Liquidity Crisis – What Happens Next? It’s an interesting dynamic that the Federal Reserve has conjured in the decade after the 2008 credit crash. They spent several years using artificial stimulus measures to inflate perhaps the largest financial bubble in the history of the US, and then […]
Dollar Liquidity Crisis Accelerates As Month-End Nears, Record $92 Billion Demand
Dollar Liquidity Crisis Accelerates As Month-End Nears, Record $92 Billion Demand As month-end looms, demand for dollar liquidity is accelerating dramatically with today’s Fed operation oversubscribed – with around $92 billion of demand for The Fed’s $75 billion offering… This is the heaviest demand yet for this new Fed liquidity spigot… As we noted previously, […]
Fiat Money Cannibalization in America
Fiat Money Cannibalization in America An Odd Combination of Serenity and Panic The United States, with untroubled ease, continued its approach toward catastrophe this week. The Federal Reserve cut the federal funds rate 25 basis points, thus furthering its program of mass money debasement. Yet, on the surface, all still remained in the superlative. S&P […]
These Are The Banks Where The Fed’s $1.4 Trillion In Reserves Are Parked
These Are The Banks Where The Fed’s $1.4 Trillion In Reserves Are Parked Over the past few days there has been much confusion over the repocalpyse that shook the overnight funding market, and just as much confusion over the definition of reserves which some banks were unwilling to part with, other banks were desperate for, and in […]
Former Head Of Plunge Protection Team Says Fed Has To Buy More Debt
Former Head Of Plunge Protection Team Says Fed Has To Buy More Debt We have lift off. Last Wednesday, as stocks hit session lows amid fears that the Fed was so polarized on further easing and with the Fed’s dot plot suggesting no more cuts this year that odds of further rate cuts in 2019 […]
