Jorma

Why 272bn in bills Thursday? Why? The repo machine is expected to swing back into action?

As I was saying double entry bookeeping is dead.

They really needed $25bn on Friday? Go figure. https://www.treasurydirect.gov/auctions/announcements-data-results/announcement-results-press-releases/cash-pay-down/

I keep thinking there is a secret magical plan to deliver trillions to the favored. Off the books mind you. Well that's insane. No less insane than Trump nominating the only person in the world who wants to shrink the balance sheet. Which everyone assumes means Printapoluza. Obviously any sort of logic is out the window. The Enlightenment has been canceled. Which means so too double entry bookkeeping. The coincidence of crisis at the moment of Chairman change like with Greenspan is stunning.

Heard any good Dick Arms jokes lately? https://www.treasurydirect.gov/auctions/announcements-data-results/announcement-results-press-releases/cash-pay-down/

Warsh's bleating about shrinking the balance sheet doesn't deter everyone from concluding the Fed is going to "lower rates". Up is down. Truth be told we have moved beyond balance sheets. No need to balance anything just lend.

It's degrowth. The thing that cannot be considered nor even imagined.

Can cycles overcome sentiment? Which just hit the lowest on record. I vaguely remember that disconnect just before the 08 crash.

It won't be inflationary when the Fed buys $10Tn in Bitcoin and SpaceX stock.

New all time high in SOX. Pedal to the metal. How the Fed is going to get trillions of dollars into big data I don't have a clue.

The stock market is poised for an explosive rally if Trump nukes Iranian cities. The stock market is also set up for an explosive rally if Trump doesn't nuke Iran.

If your going to believe in cycles then you have to consider that people manipulating prices by trying to control information and thus sentiment are simply part of cycles. History's actors put in place to play their part.

Fun fact. S&P cash down 4 weeks in a row. I don't see 5 consecutive weeks in my data from 09. 4 week swoons have become common however.

Losing control on the long end if only for a day is notable. Waiting for a stick save.