Federal Reserve

Fed Cuts by 25 Basis Points with 2 Dissents in Opposite Directions, QT to End, but MBS to Continue Rolling Off to Be Replaced by T-bills

by Wolf Richter • Oct 29, 2025 • 97 Comments

Flying blind and despite rising inflation.

Repo Market Brushfires Doused by Banks’ Use of the Fed’s Standing Repo Facility (SRF)

by Wolf Richter • Oct 20, 2025 • 76 Comments

The new & improved SRF begins to serve its purpose of allowing the Fed to push QT as far as possible without blowing anything up, unlike last time.

Powell on the End of QT (“We’re Not so Far Away but There’s a Ways to Go”), Shifting Assets to T-Bills, and Selling MBS

by Wolf Richter • Oct 14, 2025 • 82 Comments

Bonus: His doomsday scenario if Congress forces the Fed to stop paying interest to banks on their reserve balances.

The Huge US Bond Market and the US Dollar Blow Off the “Debasement Trade”

by Wolf Richter • Oct 13, 2025 • 121 Comments

The bond market has taken the opposite bet, and the dollar has strengthened.

Fed Balance Sheet QT: -$15 Billion in September, -$2.38 Trillion from Peak, to $6.59 Trillion

by Wolf Richter • Oct 2, 2025 • 70 Comments

The Standing Repo Facility got a bit of use on Sept. 15 (corporate tax day) amid minor liquidity strains in the repo market.

Status of US Dollar as Global Reserve Currency: USD Share Plunges to Lowest since 1994, as USD Exchange Rates Tank, Central Banks Diversify

by Wolf Richter • Oct 2, 2025 • 51 Comments

The rise of the “non-traditional reserve currencies.”

This Fed Meeting Must Have Been a Circus

by Wolf Richter • Sep 17, 2025 • 207 Comments

Amid only one dissent, FOMC Cuts by 25 basis points. “Dot Plot” sees 50 basis points in additional cuts in 2025. Risks shift to labor market. QT continues.

Money-Market Funds & CDs: Americans Grow their Huge Piles of Interest-Earning Cash Further despite Lower Yields

by Wolf Richter • Sep 12, 2025 • 110 Comments

Household money-market funds surged, large CDs also surged. But small CDs are the hot money; they flee when yields drop.

Scenario of a Triple Whammy for Long-Term Treasury Yields

by Wolf Richter • Sep 7, 2025 • 116 Comments

The Treasury market counts on the tariffs to slow the supply of new debt and could throw a hissy-fit if they end while the Fed cuts rates into accelerating inflation.

Bessent Blasts the Fed for QE, its “Perverse Incentives” for Fiscal “Irresponsibility,” “Wealth Effect” Policies, “Class and Generational Disparities,” Failure on Inflation… Oh I So Agree

by Wolf Richter • Sep 5, 2025 • 216 Comments

“This harmful cycle concentrated national wealth among those who already owned assets”: Bessent.

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