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The Federal Reserve is intervening once again to try to smooth out the world's lending markets, this time by lending dollars to other central banks in exchange for Treasurys.
With US dealers no longer using the Fed's repo facilities (this morning we had another "no bid" overnight repo with just $250MM in MBS submitted for a $500 billion op) as the Fed soaks up all securities via its aggressive QE which is still buying $75
September 17, 2019 was a significant day in American economic history. On that day, the New York Federal Reserve began emergency cash infusions into the repurchasing (repo) market.
...just a week after the Fed "enhanced" its swap lines with central banks and included a bunch of non G-5 central banks to the list of counterparties, it has found that this is not working
The Fed was taking extraordinary measures to prop up the economy months before anyone in China showed the first symptoms of coronavirus. Eventually the Federal Reserve-created consumer, business, and government debt bubbles will explode, leading to a
The Liberty Advisor breaks down what this means and how they are planning on pulling this off.
In a veritable treatise on all that was wrong with The Fed's actions, Jim Grant - founder and editor of Grant's Interest Rate Observer - was somehow allowed nine minutes on CNBC's Squawk Box to put America straight on what we are facing and the conse
Shortly before the close on Monday, the New York Fed issued a surprise announcement according to which it pushed forward the start time of tomorrow's month and quarter-end Overnight Reverse Repo operation...
For nearly a month, the high yield market was understandably frozen without a single junk bond deal pricing as yields exploded higher, forcing the Fed to step in with an unprecedented intervention to prop up investment grade debt, going so far as to
The US Government Is Nationalizing Many Financial Markets with Money from the Federal Reserve, Merging the Treasury with the Fed
Neel Kashkari, famous for coming out several days ago and giving one of the most bizarre 60 Minutes interviews of all time (an interview in which he claimed that the Fed had "infinite" cash) is now out giving life-lessons about when and how the Ameri
There's another 'epidemic' ripping through America that, for many on Wall Street, is just as terrifying as COVID-19... and this time The Fed is to blame.
In a veritable treatise on all that was wrong with The Fed's actions, Jim Grant - founder and editor of Grant's Interest Rate Observer - was somehow allowed nine minutes on CNBC's Squawk Box to put America straight on what we are facing and the conse
Echoing many of Jim Grant's recent fears, Guggenheim Investments' CIO Scott Minerd fears the consequences of policymakers returning to the same tools employed in the financial crisis as a grand Faustian bargain.
Earlier this morning we showed something remarkable in the Fed's ongoing attempt to inject a record amount of liquidity into the financial system: on Friday morning, the Fed held a $500 billion term repo operation and nobody showed up. There were zer
In a stunning miss to expectations, March's Dallas Fed Manufacturing Outlook survey crashed like never before (from +1.2 in February to -70.0 - massively below the -10.0 expectation).
It's never "different this time." The Fed's bubbles and busts keep coming and they're getting more intense. Every bubble is bigger than the previous one, as is every "bailout." Every "bailout" carries with it a promise for a future economic crisis. T
Should the Fed be increasing debt --
Ever think that the criminals in government, or in the private banking interests, should be charged for their crimes?
Earlier this morning we showed something remarkable in the Fed's ongoing attempt to inject a record amount of liquidity into the financial system: on Friday morning, the Fed held a $500 billion term repo operation and nobody showed up.
Two weeks ago, just after the Fed first announced its massive overnight and term repo operation expansion which now amounts to some $1 trillion in daily repo capacity (and before Powell expanded this bazooka to included ZIRP and unlimited QE), we sai
The U.S. Federal Reserve's balance sheet soared past $5 trillion in assets for the first time this week as it scooped up bonds and extended loans to banks, mutual funds and other central banks in its unprecedented effort to backstop the economy in
According to Owen Ullmann in an op-ed published by USA Today, there are some unsung "heroes" in the battle against the coronavirus pandemic – the brave and courageous bankers at the Federal Reserve.
An alphabet soup of new asset-buying programs will essentially nationalize large swaths of the financial markets, and the consequences could be profound...
Update (1500ET): A top U.S. regulator is exploring whether to throw a lifeline to mortgage servicers stressed by the coronavirus pandemic by tapping a program meant to address natural disasters.
This Is Why The Fed Bailed Out The Bond Market
So, you're printing up six trillion dollars, giving 7/8ths to banks and corporations and 1/8th back to us… which we'll be taxed on… plus, all that money creates a monster deficit that our children be expected to pay back anyway?
The process by which money is created is so simple that the mind is repelled." – JK Galbraith
Dear Jay Powell, you have a problem...
Just last Friday we reported that the number of distressed debt in the US - roughly defined as bonds with a spread of over 10% - had soared, doubling in just two weeks to a remarkable $500 billion. Well, double it again.
