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Category: fomc

Fed Delivers A ‘Substantial’ Dose Of Almost Nothing At Year’s Final Meeting

December 16, 2020December 16, 2020

Headed into the last FOMC meeting of the most tumultuous year in modern history, Fed

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Fed Adopts Outcome-Based Forward Guidance, Will Keep Rates Near Zero For At Least 3 Years

September 16, 2020September 16, 2020

Headed into the September meeting, the Fed wasn’t expected to make meaningful changes to the

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1 Comment on Fed Adopts Outcome-Based Forward Guidance, Will Keep Rates Near Zero For At Least 3 Years

Fed Not Ready To Roll On Yield-Curve Control

July 1, 2020July 1, 2020

September implementation may be a stretch.

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1 Comment on Fed Not Ready To Roll On Yield-Curve Control

Why Some Stock Bulls Are Excited About Yield-Curve Control

June 19, 2020

“While it’s impossible to isolate the impact, bulls note…”

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2 Comments on Why Some Stock Bulls Are Excited About Yield-Curve Control

Minutes Show Fed Palpably Concerned Second Virus Wave Could Trigger ‘Pessimistic Projection’

May 20, 2020May 20, 2020

“…the staff judged that a more pessimistic projection was no less plausible than the baseline forecast.”

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7 Comments on Minutes Show Fed Palpably Concerned Second Virus Wave Could Trigger ‘Pessimistic Projection’

As Fed Cuts Bond Buying With Balance Sheet Near $7 Trillion, Some See ‘Unqualified Good News’

April 24, 2020

Signs of stress are abating. For now, anyway.

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8 Comments on As Fed Cuts Bond Buying With Balance Sheet Near $7 Trillion, Some See ‘Unqualified Good News’

As Fed’s Balance Sheet Tops $6 Trillion, Foreign Central Banks Sell Another $22 Billion In Treasurys

April 9, 2020

You can draw your own conclusions.

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Fed Effectively Tells Banks To Increase Leverage With Rule Upping Exposure Capacity By $1.6 Trillion

April 1, 2020April 1, 2020

“…their exclusion will also not incentivize risk-taking by banking organizations.”

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3 Comments on Fed Effectively Tells Banks To Increase Leverage With Rule Upping Exposure Capacity By $1.6 Trillion

Fed: Stop Selling Treasurys Into An Illiquid Market

March 31, 2020March 31, 2020

“This facility should [provide] an alternative temporary source of US dollars other than sales of securities in the open market”.

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Jerome Powell To NBC: ‘We’re Not Going To Run Out Of Ammunition. That Doesn’t Happen.’

March 26, 2020

“Essentially, the answer to your question is ‘no'”. 

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9 Comments on Jerome Powell To NBC: ‘We’re Not Going To Run Out Of Ammunition. That Doesn’t Happen.’

Fed Moves To Support Money Market Funds In Latest GFC Flashback

March 19, 2020March 19, 2020

Are all the leaks plugged now? Somehow, I doubt it.

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1 Comment on Fed Moves To Support Money Market Funds In Latest GFC Flashback

Fed Unveils Another Emergency Facility, Says Primary Dealers Can Post Stocks For Cash

March 17, 2020March 17, 2020

“Credit extended may be collateralized by a broad range of IG debt and equity securities”.

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4 Comments on Fed Unveils Another Emergency Facility, Says Primary Dealers Can Post Stocks For Cash

Fed Reinstates Emergency Commercial Paper Funding Facility In Move To Avert Crisis

March 17, 2020March 17, 2020

“The commercial paper market has been under considerable strain in recent days”.

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Nomura’s McElligott: We’re Seeing ‘Nervous Dollar Hoarding Demand’

March 17, 2020March 17, 2020

“…USD funding pressure continues to mount despite the positive optics of the coordinated global CB FX swap line actions”.

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3 Comments on Nomura’s McElligott: We’re Seeing ‘Nervous Dollar Hoarding Demand’

All In. Limit Down.

March 15, 2020March 15, 2020

“The Fed has likely fired off its last bazooka.”

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7 Comments on All In. Limit Down.

Shock And Awe: Fed Cuts Rates To Zero, Announces $700 Billion In QE, Enhances Swap Lines

March 15, 2020March 16, 2020

Now this a “whatever it takes” moment.

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15 Comments on Shock And Awe: Fed Cuts Rates To Zero, Announces $700 Billion In QE, Enhances Swap Lines

Trump Hints At Demoting Jay Powell To ‘Regular Position’, Says He Took Virus Test

March 14, 2020March 14, 2020

“I haven’t made any decisions on that”.

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Fed Brings Out Bazooka. Announces Massive Repos, Expands Asset Purchases Beyond Bills

March 12, 2020March 12, 2020

“These changes are being made to address highly unusual disruptions in Treasury financing”.

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Donald Trump Is Furious. Demands ‘Pathetic’ Powell Conquer Coronavirus With Rate Cuts

March 10, 2020March 10, 2020

“Also, stimulate!”

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Fed Figures ‘Right Now!’ Is Good Time To Upsize Repos As Panic Proliferates

March 9, 2020March 9, 2020

“They should help support smooth functioning of funding markets”.

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Dollar-Funding Stress Could Be ‘Crossing The Rubicon’ Moment For Market

March 7, 2020March 7, 2020

Canaries and such.

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Fed Harshly Panned For ‘Panic’ Rate Cut. Market Looks To Biden For Relief

March 3, 2020March 4, 2020

Now, in 2020, it’s not clear where we are, besides on the border of lost credibility.

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7 Comments on Fed Harshly Panned For ‘Panic’ Rate Cut. Market Looks To Biden For Relief

Zoltan Pozsar Takes On COVID-19: ‘Use The Swap Lines, An Uncapped Repo Facility And QE’

March 3, 2020March 3, 2020

“Dollar funding is always the orphaned child of crises”.

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10 Comments on Zoltan Pozsar Takes On COVID-19: ‘Use The Swap Lines, An Uncapped Repo Facility And QE’

Coronavirus Selloff Resembles Lehman In One Key Respect. Will The Emergency Fed Cut Change That?

March 3, 2020March 4, 2020

Is your parachute working?

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Fed Delivers Emergency 50 Basis Point Rate Cut Amid Virus Scare, Oversubscribed Repos

March 3, 2020March 3, 2020

“Whatever it takes”, I suppose.

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5 Comments on Fed Delivers Emergency 50 Basis Point Rate Cut Amid Virus Scare, Oversubscribed Repos

New York Gets The Virus, Buttigieg Quits Race, Caixin Crumbles In Monday News Deluge

March 1, 2020March 2, 2020

Welcome to the new week. Enjoy your stay.

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Getting Involved.

February 28, 2020February 29, 2020

In the space of just seven trading days, US equities went from bubble to bust. 

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oil3 Comments on Getting Involved.

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Monthly Letter+

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    March 11, 2023March 11, 2023

Week’s News

Great American Deposit Debate Spotlights Legislative Gridlock

March 27, 2023March 28, 2023

Failing Banks, Persistent Inflation Promise Fun-Filled Week

March 26, 2023March 27, 2023

We’re Scaring Ourselves Into Bank Runs Now

March 24, 2023March 26, 2023

It’s Not A Wage-Price Spiral. It’s ‘Greedflation’!

March 23, 2023March 24, 2023

Xi, Putin Revel In Pageantry As Show Of Defiance

March 20, 2023March 22, 2023

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Monthly Letters

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