repo reserves

Eurodollar University: Diagramming Repo Reserves And Negative Yields

By |2019-08-20T18:54:38-04:00August 20th, 2019|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Following up on yesterday’s look at the concept of repo reserves. These are, as hopefully that narrative retelling established, very different from the inert byproducts of QE; or, bank reserves. The explanation for record low and negative yields amounts to a pretty intuitive process, though in practice it is incredibly complex. Sovereign bonds as “pristine” [...]

Collateral Reserves: What Is Behind Record Low and Negative Yields

By |2019-08-19T17:40:52-04:00August 19th, 2019|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

It was truly startling when it was announced. The second and more dangerous phase of the Global Financial Crisis had begun on July 15, 2008. Within two weeks, Merrill Lynch had etched its name on the growing list of “troubled” institutions. On July 28, 2008, Merrill Lynch agreed to sell $30.6 billion gross notional amount [...]

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