Credit Bubble Bulletin/Doug Noland
“The Fed’s return to system liquidity injections after a decade hiatus received abundant media coverage. For the most part, analysts were pointing to a confluence of unusual factors: $35 billion money market outflows to fund September 15th quarterly corporate tax payments; settlements for outsized Treasury auctions; and the approaching end to the quarter (where money center banks generally reduce balance sheet leverage for financial reporting and regulatory purposes). Missing from the discussion was that this week’s money market tumult followed on the heels of instability in other markets.”
USAGOLD note: Doug Noland digs into the repo market breakdown last week with his usual attention to detail. The above should serve as introduction to the thorough discussion at the link above. “Autumn,” he concludes, “is set up for some serious instability.”
Repost from 9-21-2019
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