The Fed shifted to a more hawkish stance yesterday. Was this change of heart based on reflation (real growth) or inflation?... Read More
How big are the Fed's holdings of bonds, notes, bills, TIPS, MBS, agencies, and FRNs in relation the outstanding market?... Read More
Updating the growth in central bank balance sheets... Read More
As of March 31, the Fed will close most of its remaining 13(3) emergency facilities. Only the paycheck protection program will remain.... Read More
Yesterday the Fed reiterated its stance on keeping rates at zero. Powell may have also let the cat out of the bag regarding an upcoming announcement on the supplemental leverage ratio.... Read More
Updating the growth in central bank balance sheets... Read More
The portion of the Fed's balance sheet with less than a year to maturity grew during the latest round of stimulus.... Read More
Updating the growth in central bank balance sheets... Read More
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