The median FOMC forecast is for rates to hold steady at the final two meetings of the year. Be careful making too much of the market's implied odds of cuts due to the stress in the repo market.
Today's topics include the Fed's next move, FOMC dissents, a third repo market intervention, a comparison of the Fed and the PBOC, dealers oppose ultra-long bonds, OECD global growth forecasts lowered, housing supply and the mortgage market, Saudi Arabia's import of crude oil, fighting over retail trading and Denmark ponders how low policy rates can go.
The average daily turnover of OTC foreign exchange markets reached $6.6 trillion, according to a recent BIS survey.
Companies continue sending foreign profits back to the U.S. in the wake of the tax overhaul in late 2017.
Although the average maturity of U.S. Treasury debt is near a 40-year high, the Treasury should still issue ultra-long bonds.
Which components of CPI have increased the most over the past decade?
A look at foreign net sales and purchases of U.S. Treasuries, agencies, corporates and equities through July
An update on the 2020 election
Select charts from our recent posts
The BOE's balance sheet as a percentage of GDP since 1700
Years of rule changes, balance sheet reductions, band-aid approaches, and a misreading of the funding markets have resulted in an under-reserved system unable to meet the needs of the markets. This is fixable, but it never should have happened in the first place.