by | Jan 13, 2020

The New York Federal Reserve injected more than $300 billion in loans into the repurchase agreements (repo) market last week. That same week, the Congressional Budget Office announced a year-over-year increase of $39 billion in the quarterly deficit to bring…

by | Dec 17, 2019

The Federal Reserve Bank of New York injected $86.4 billion into the repo market on Monday. This follows three months of the Fed intervening in a repo market it normally leaves to its own devices. When repurchase agreement (repo) rates…

by | Oct 18, 2019

Pay no attention to that man behind the curtain. I’m shocked, shocked to find that gambling is going on in here. These are not the droids you’re looking for. In the movies, Frank Morgan, Claude Rains, and Alec Guinness deliver…

by | Sep 28, 2019

The Federal Reserve sold another $75 billion in overnight repurchase agreements (repos) on Wednesday, with demand dramatically overwhelming supply. And by the end of the day, the New York Fed announced increasing the overnight repos available from it to $100…

by | Aug 8, 2019

Donald Trump accuses China of currency manipulation as he pressures the Federal Reserve to do the same thing. If you can’t beat ’em, join ’em. “Our problem is not China,” the president tweeted on Wednesday. “We are stronger than ever,…

by | Jul 10, 2019

Federal Reserve Chairman Jerome Powell testifies before Congress on Wednesday. President Trump, wanting lower interest rates, talks of firing or demoting Powell. But the Wall Street Journal reports that Powell likely finds a friendlier audience on Capitol Hill than at…

by | Oct 11, 2018

The rate on ten-year U.S. Treasury bonds rose from below 3 percent to 3.2 percent last week. Signals abound that that Quantitative Easing morphs into Quantitative Tightening. The rise in the bond rate follows the Federal Reserve, which devoured U.S….

by | Jul 10, 2018

Problems with stimulants include the hangover that follows the high, the compulsion to keep chasing that initial feeling despite all subsequent attempts falling short, and the Charles Atlas self-portrait that others see as the guy getting sand kicked in his…

by | Aug 25, 2017

The populism that fueled the rise of Donald Trump and Bernie Sanders came from the perception that the federal government responded like Superman when it saved Wall Street and Clark Kent when it came to helping everybody else. While these…

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