gc repo

Nice Work

By |2019-09-18T17:01:42-05:00September 18th, 2019|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

According to DTCC's repo #s, there's a good chance fed funds was outside the range today, too. It was put at 3% this afternoon despite this morning's FRBNY operation, which is still higher than Monday when EFF sat right at the upper bound.  https://twitter.com/JeffSnider_AIP/status/1174425376048787457 In case it wasn't clear, I was being sarcastic in the [...]

How To Properly Address The Unusual Window Dressing

By |2019-07-02T12:16:31-05:00July 2nd, 2019|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Unable to tackle effective monetary requirements, bank regulators around the world turned to “macroprudential” approaches in the wake of the Global Financial Crisis. It was mostly public relations, a way to assure the public that 2008 would never be repeated. A whole set of new rules was instituted which everyone was told would rein in [...]

What Does It Mean If The Fed Might (Have To) Be Ready To Move Past IOER?

By |2019-03-01T19:33:46-05:00March 1st, 2019|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

More than any conundrum in the bond market, the Federal Reserve has one on its hand much closer to home. Its home, anyway. The effective federal funds rate (EFF) has been stapled to IOER for each of the last fifty trading days. No variation whatsoever. EFF had converged with IOER back in October. A lot [...]

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