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The best uncensored news, information, and analysis.

The best uncensored news, information, and analysis.

Easy...There is no safety, as in times past when the Fed was draining money out of the economy and could just flip back to pumping money in, because the Fed is running the outflow pump fast and furious, and the Fed has no option for reversing the pump or even just stopping it this time around.This time is different — very, very, VERY different, and

While the Fed’s current tightening is not exactly a well-kept secret, stock and bond markets seem willing to ignore what the Fed’s left hand is taking away as the right hand is giving. Reverse repurchase agreements, which I have been tracking here, have exploded to a trillion dollars in money that the Fed is sucking out of the financial system. According to John Mason at  Seeking Alpha, total reverse repos on the Fed’s balance sheet actually just hit $1.26 trillion this past week: Factors Affecting Reserve Balances of Depository institutions and Condition Statement of Federal Reserve ...

Is the inflation I’ve been writing about really all just transitory as Papa Powell claims it is? The Fed Head assures us he has this under control. Would that be just like Father Fed and friends had bank reserves under control right before the repo crisis blew up in late 2019? Or just like they had their Great Rewind under control right before the stock market imploded in late 2018 due to Fed tightening that was promised to be as boring as watching paint dry? Or just like Janet Yellen, the author of paint-by-numbers boredom, now has everything under control, except apparently her yellin’ ...