Fed Up
A bit of a plumbing update for you: the Feds dumping of bonds continues apace, on auto-pilot:
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Reverse Repo remains in a free-fall, plunging toward $0 in within months at this pace.
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And, of course, Yellen’s free money giveaway called BTFP is at another lifetime high, as desperate banks continue gobbling up billions from their buddies in D.C. without fear of reprisal:
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The spread between the S&P and Fed liquidity remains gargantuan, but nothing can seem to break this market for more than a few moments.
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