Central Banks
Sizing up Central Bank Balance Sheets
Sizing up Central Bank Balance Sheets
Updating the changes in central banks' balance sheets... Read More
Tag Archives: Central Banks
Central Banks
Sizing up Central Banks’ Balance Sheets
Sizing up Central Banks’ Balance Sheets
Updating the changes in central banks' balance sheets... Read More
Central Banks
Fed Policy May Be Tighter Than Official Rates Show
Fed Policy May Be Tighter Than Official Rates Show
Posted By Alex Malitas
Tracking the tightness of monetary policy is essential as the Fed hopes to hold rates steady and bring inflation back down to its 2% target. ... Read More
Central Banks
QT Is Like Watching Paint Dry
QT Is Like Watching Paint Dry
Posted By Greg Blaha
How big are the Fed's holdings of bonds, notes, bills, TIPS, MBS, agencies, and FRNs in relation the outstanding market?... Read More
Central Banks
The Fed Hikes Until Something Breaks
The Fed Hikes Until Something Breaks
Posted By Greg Blaha
Because the neutral rate is a bit of a guessing game, the Fed often hikes until something breaks. This is typically followed by a fast series of rate cuts.... Read More
Central Banks
Checking in on the Fed’s Remittances
Checking in on the Fed’s Remittances
Posted By Greg Blaha
The Fed's cumulative losses since September 7, 2022 now total roughly $98 billion.... Read More
Central Banks
The Fed’s Footprint Shrinks
The Fed’s Footprint Shrinks
Posted By Greg Blaha
How big are the Fed's holdings of bonds, notes, bills, TIPS, MBS, agencies, and FRNs in relation the outstanding market?... Read More
Central Banks
QT Rolls On
QT Rolls On
Posted By Greg Blaha
How big are the Fed's holdings of bonds, notes, bills, TIPS, MBS, agencies, and FRNs in relation the outstanding market?... Read More
Central Banks
FOMC Expectations at May & June Meetings
FOMC Expectations at May & June Meetings
Posted By Greg Blaha
The fed funds market expects a 25 basis point hike at the May 3 FOMC meeting. After that, policy could get a bit more interesting.... Read More
Central Banks
When Will the Fed Return to Profitability?
When Will the Fed Return to Profitability?
Posted By Greg Blaha
The Fed's interest expenses exploded higher in 2022. They have been operating at a loss since September and might not return to profitability until 2026.... Read More
Central Banks
Updating Synchronized Central Bank Hikes
Updating Synchronized Central Bank Hikes
Posted By Greg Blaha
Developed market central banks are hiking in a synchronous fashion unlike any time in at least a couple decades.... Read More
Central Banks
The Fed’s Footprint as the Taper Continues
The Fed’s Footprint as the Taper Continues
Posted By Greg Blaha
How big are the Fed's holdings of bonds, notes, bills, TIPS, MBS, agencies, and FRNs in relation the outstanding market?... Read More
Central Banks
Expectations for the Next Couple FOMC Meetings
Expectations for the Next Couple FOMC Meetings
Posted By Greg Blaha
A 25 basis point hike is almost universally expected at the February 1 FOMC meeting. Traders still expect an additional 25 basis point hike at the March meeting, but there is a small chance of a pause.... Read More
Central Banks
Sizing up Central Banks’ Balance Sheets
Sizing up Central Banks’ Balance Sheets
Updating the changes in central banks' balance sheets... Read More
Central Banks
Tension at the Fed
Tension at the Fed
Posted By Jim Bianco
The Fed is a benevolent dictatorship. The Chairman gets what the Chairman wants. Not all members of the FOMC agree with Powell. We believe this is leading to the market misinterpreting policy.... Read More
Central Banks
The Fed’s Reaction Function to Nick Timiraos
The Fed’s Reaction Function to Nick Timiraos
Posted By Jim Bianco
Wednesday's FOMC press conference is going to be unusual. Powell will have to address not only inflation, but the Timiraos story about a Fed stepdown.... Read More
Central Banks
The Fed’s Footprint as the Taper Ramps Up
The Fed’s Footprint as the Taper Ramps Up
Posted By Greg Blaha
How big are the Fed's holdings of bonds, notes, bills, TIPS, MBS, agencies, and FRNs in relation the outstanding market?... Read More
Central Banks
The Fed Is Operating at a Loss
The Fed Is Operating at a Loss
Posted By Greg Blaha
In the week ending October 12, the Fed paid out over $4 billion more in interest expenses than it received in interest income. As the Fed continues to hike rates, these weekly losses will only grow larger.... Read More
Central Banks
Synchronized Central Bank Hikes
Synchronized Central Bank Hikes
Posted By Greg Blaha
Developed market central banks are hiking in a synchronous fashion unlike any time in at least a couple decades.... Read More
Central Banks
Breaking Down the Reverse Repo Program
Breaking Down the Reverse Repo Program
Posted By Alex Malitas
With all eyes on the expansion of Quantitative tightening (QT) in September, the Federal Reserve's reverse repo facility is an essential piece to understanding how the Fed can potentially enact a smooth balance sheet reduction schedule.... Read More