Bank of Japan Stops QE, Reserve Bank of Australia Starts Tapering, Bank of Canada & Bank of England Already Tapering, Amid Shock-and-Awe Rate Hikes in Emerging Markets by Wolf Richter • Jul 6, 2021 • 167 Comments The Fed is a laggard, now discussing when and how to taper QE. The ECB is an even bigger laggard, as inflation begins to rage.
Fed’s Reverse Repos Spike to $1 Trillion. Cash Drain Undoes 8 Months of QE by Wolf Richter • Jun 30, 2021 • 139 Comments Giant sucking sound of cash.
Central Banks Did it, Won’t Admit it. Top OECD Housing Bubbles: #1 New Zealand, #2 Canada, #7 USA by Wolf Richter • Jun 24, 2021 • 165 Comments According to “Bubble Ranking” by Bloomberg Economics.
Most Important Measure of Fed’s Economy: My “Per-Household Wealth Effect Monitor” for Q1, Based on Fed Data by Wolf Richter • Jun 21, 2021 • 266 Comments How the “Wealth Effect” benefits Americans individually.
What Powell Also Said at the Press Conference: “Hawkish” Nuances from the Fed by Wolf Richter • Jun 20, 2021 • 145 Comments Modern-hawkish, not Volcker-hawkish.
When Fed Doves Turn Hawkish, it Gets Real: Fed Dove Bullard Gets Antsy about Inflation, Pulls Rate Hike into 2022, Sees Quicker Tapering with MBS amid “Threatening Housing Bubble” by Wolf Richter • Jun 18, 2021 • 225 Comments “So far so good. But we have to be nimble here, these are big numbers.”
Holy Moly, Fed’s Reverse Repos Spike to $756 Billion, Undoing 6 Months of QE. In Opposite Direction, Fed’s QE Pushes Assets Past $8 Trillion by Wolf Richter • Jun 17, 2021 • 163 Comments Yesterday, the Fed raised its interest rate on overnight reverse repos, and this morning, a giant sucking sound of cash.
Fed “Had Discussion” on Tapering, Pulls Rate Hikes Closer, Raises Interest Rates on Reserves (IOER) & on Overnight Reverse Repos by Wolf Richter • Jun 16, 2021 • 149 Comments With inflation hotter than it expected, the Fed is trying to slow the pace at which it’s falling further behind.
Cash Gone Nuts: Treasury General Account Drops to $674 Billion, as Fed’s Reverse Repo Cash-Drain Hits $534 Billion by Wolf Richter • Jun 10, 2021 • 93 Comments A massive source of liquidity is approaching peter-out moment.
Fed’s Reverse Repos Hit $503 Billion. Liquidity Drain Undoing over 4 Months of QE by Wolf Richter • Jun 9, 2021 • 144 Comments New York Fed’s Williams prepares markets for “technical adjustments” to the Fed’s “administered interest rates” to get a handle on this phenomenon.
