The data from the Fed is getting mildly interesting again. The Quantitative Tightening is still trucking right along. There are still trillions left, but the bump a year ago notwithstanding, the Fed has actually kept their word on burning off these assets.

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The Reverse Repo is in an absolutely free-fall. I’ve read about the effects of this in countless articles, but honestly, I still don’t get it. Fed “plumbing” has become incredibly complex and, evidently, matters way more to stocks than some quaint notions as revenues and profits.

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As for BTFP, Yellen’s scheme that started over a year ago and has shuttered on schedule, it is falling for the first time in its history. I suppose the reason is that the healthier banks are starting to pay the funds back.

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