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Many times I have commented about the lack of liquidity in the markets, the result of regulatory fiat, changes in market trading structures and the massive move to passive investing. ...

Many times I have commented about the lack of liquidity, primarily the result of regulatory fiat, trading mechanics and passive investing. Considerable attention has been focused on the liquidity issues of the repo market, liquidity that is being provided by the lender of last...

Led by technologies, equities sank on reports that the US is moving toward restrictions on ownership of Chinese equities in government sponsored pension plans. I think it is noteworthy that there is bipartisan support for such a plan...

Some have commented that White House statements indicating it has no plans to delist Chinese companies helped offset the negative sentiment from Chinese remarks that it has narrowed the range of topics to be discussed. I am certain the interpretation of the upcoming meeting...

Is there a liquidity crisis? Yesterday’s repo auction was oversubscribed by a factor of two. However yields did not spike. The Fed is providing the necessary liquidity, operating in its most foremost capacity of being the “banker’s banker,” the lender of last...

Yesterday was an uneventful day. The repo market operated flawlessly. Equites were essentially flat. Treasuries were nominally higher. Crude was positive. Domestic economic data continued to demonstrate strength...

In my view the conversation is intense amongst brokerage professionals who have knowledge about Fed policy as to why the Fed conducting its fourth consecutive repo operation. Before Tuesday, the last time the Fed intervened was ...

Life is stranger than fiction. Saudi Arabia says attacks were “unquestionably” sponsored by Iran; an attack that caught all flat footed and was thought impossible. As noted the other day, this is a massive escalation, perhaps on the same level as the Iraqi...