How big are the Fed's holdings of bonds, notes, bills, TIPS, MBS, agencies, and FRNs in relation the outstanding market?... Read More
The Main Street Lending Facility and Muni Liquidity Facility both saw a last-minute surge in activity as they came to a close near year-end.... Read More
Tracking the Fed's Treasury, MBS, and TIPS purchases since March... Read More
Updating the growth in central bank balance sheets... Read More
As expected, the Fed's Summary of Economic Projections forecasts rates will be stuck at zero through 2023.... Read More
Updating the growth in central bank balance sheets... Read More
Since 1977 the Fed has maintained a dual, and equal, mandate of full employment and low inflation. Now they are prioritizing employment over inflation and have added financial stability as a third mandate of lesser importance.... Read More
Updating the growth in central bank balance sheets... Read More
The Fed let it be known that they are committed to keeping rates at zero for the next few years, if need be.... Read More
Jay Powell insists the Fed will not resort to negative rates. He is sincere, but the market is beginning to have other thoughts and may force his hand.... Read More
Updating the growth in central bank balance sheets... Read More
Growth is booming to new highs... Read More
S&P futures opened 60 points lower (1.9%), but have reversed to positive on the day. The market has priced in a 50 bps cut for tomorrow morning.... Read More
How accurately do the FOMC minutes, which are released only a few weeks after a meeting, reflect the full transcripts, which are released on a five year lag?... Read More
The decline in the market has put the Fed back in play this spring.... Read More
Day one of Powell's testimony offered two takeaways. First, the Phillips Curve is dead. Second, the Fed intends to support the repo market until at least April.... Read More
Market measures are pricing in a Fed rate cut in 2020. Fears of supply chain disruption are driving this idea.... Read More
The Fed made no major policy announcements, but Powell's comment about a floor on excess reserves was noteworthy.... Read More