Ten-Year Treasury Yield Hits 15-Year High, Market Wades out of Denial, Sees “Higher-for-Longer,” Tsunami of Issuance, QT by Wolf Richter • Aug 16, 2023 • 205 Comments “Higher for longer be damned”: consumers and businesses.
Fed Balance Sheet QT: -$91 Billion in July, -$759 Billion from Peak, Biggest Drop Ever, to $8.2 Trillion, Lowest since July 2021 by Wolf Richter • Aug 3, 2023 • 108 Comments The Fed has now shed 22.3% of the Treasury securities it bought during pandemic QE.
Without Actually Pronouncing “6%,” Powell Said 6%. Inflation Not Vanquished in June. Even if the Fed Cuts Rates Next Year, QT Could Continue by Wolf Richter • Jul 26, 2023 • 178 Comments Powell managed to pull the rug out from under some widely held assumptions.
Fed Hikes by 25 Basis Points, to 5.5% Top of Range, Highest since 2001, More Rate Hikes on the Table. QT Continues by Wolf Richter • Jul 26, 2023 • 155 Comments “In determining the extent of additional policy firming that may be appropriate to return inflation to 2 percent over time…”
The Fed’s Liabilities: QT Pushed Down Reserves & RRPs by $865 Billion. TGA Gets Refilled. Currency in Circulation Hits Record by Wolf Richter • Jul 14, 2023 • 179 Comments The flow of cash under QT and government deficits.
Fed’s Balance Sheet Drops $667 Billion fr. Peak to $8.3 Trillion, Below Aug 2021, as QT Continues, Bank Panic Support Unwinds by Wolf Richter • Jul 6, 2023 • 145 Comments The Fed has now shed 20.5% of Treasury securities it had bought during pandemic QE.
US National Debt Spiked by $851 billion in One Month, to $32.3 Trillion. Flood of New Debt Coming in Q3 to Refill the TGA, Pay for Raging Deficits by Wolf Richter • Jul 2, 2023 • 152 Comments While, for the first time, the Fed’s QT and refilling the government’s checking account (TGA) pull liquidity from the markets simultaneously.
Revenge of the Variable-Rate Commercial Debts by Wolf Richter • Jun 28, 2023 • 121 Comments Most people in finance today cut their teeth in the era of Easy Money, when history books were thrown out the window. But that era is over.
THE WOLF STREET REPORT: Revenge of Variable-Rate Commercial Debts by Wolf Richter • Jun 24, 2023 • 160 Comments Most people in finance today cut their teeth in the era of Easy Money, when history books were thrown out the window.
Powell on the New Hawkishness in the Dot Plot and on Inflation: “We See that it Tells Us that We Need to Do More” by Wolf Richter • Jun 14, 2023 • 225 Comments Core inflation “has not really moved down. It has not reacted much to our rate hikes. We’re going to have to keep at it.”
