Let’s catch up with some liquidity data, shall we? Notes in the captions (click images to enlarge):
Yellen’s scheme to give hundreds of billions to banks expired last month, and now they’re starting to pay it off. Ostensibly this should zero out by March 11th of next year. A lot can happen in eleven months.
The reverse repo keeps moving toward $0. I still don’t grok the implications of this, but I’ve got a pretty thick skull. Let’s face it!
The Fed is continuing to sell off their money-losing bond portfolio. Only a few trillion to go, fellas!
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