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Tidbits Of Further Warnings: Houston, We (Still) Have A (Repo) Problem

By |2019-10-16T18:27:01-05:00October 16th, 2019|Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Despite the name, the Fed doesn’t actually intervene in the US$ repo market. I know they called them overnight repo operations, but that’s only because they mimic repo transactions not because the central bank is conducting them in that specific place. What really happened was FRBNY allotting bank reserves (in exchange for UST, MBS, and [...]

The (Fake) Recovery Behind Record Low Bund Yields

By |2019-06-07T16:09:13-05:00June 7th, 2019|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

No Federal Reserve Chairman under its current configuration can say QE didn’t work. Those words will never pass the lips of whoever it may be occupying that position. The world’s bond markets, however, are trying very hard to make this resistance as uncomfortable as possible. The one thing central bankers here along with everywhere else [...]

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