A soft coup took place in D.C. last night, and Jerome Powell could stay in the bunker until 2028, if he so chooses.

Whether rates go up or down, neither outcome will be pleasant, leaving a bondholder caught between the Unthinkable and the Unimaginable.

Whether rates go up or down, neither outcome will be pleasant, leaving a bondholder caught between the Unthinkable and the Unimaginable.

39 going on $40 trillion is an achievement only in the sense that many once thought we’d never see numbers this large.

A $2.3 trillion contraction met with a $2.5 trillion injection.

With Central Bank Digital Currency (CBDC) banned by executive order, the Fed may have more incentive to explore alternatives in the cryptocurrency market. This week, Fed Governor Christopher J. Waller gave a speech titled: Reflections on a Maturing Stablecoin Market, sharing his thoughts on the potential role of the Federal Reserve in the private stablecoin market.According to the Governor:For the purposes of this speech, I define stablecoins as a type of digital asset designed to maintain a stable value relative to a national currency and backed at least one-to-one with safe and liquid assets.Notice, he did not say one-to-one peg with the US dollar.Specifically, a pool of assets is held in reserve so that stablecoins can be redeemed for traditional currency in a timely fashion.This sounds

On Sunday morning, March 12, Treasury Secretary Janet Yellen told CBS there would be no bailouts. Later in the day the Fed declared quantitative easing to infinity and beyond.
What’s going on?
Quite simply, the Fed is willing to overpay for debt (again). They call it the Bank Term Funding Program (BTFP), and as far as one can tell, its dollar value is limitless. The term sheet reads:
Program: To provide liquidity to U.S. depository institutions, each Federal Reserve Bank would make advances to eligible borrowers, taking as collateral certain types of securities.
And who is eligible?
Any U.S. federally insured depository institution (including a bank, savings association, or credit union) or US branch or agency of a foreign bank…
Basically everyone (i.e., not you or main street, just