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US - Do US banks have a liquidity problem? Or a "good" collateral shortage? QE4 implemented using repo market as excuse - since September 2019 & now w

It is the Roaring 20s Again - A New Generation!!!

The US Fed supported the repo market with 80.3 Billion in the 1st 2 business days of 2020.

Print that money!


 
Print, print, print, print


https://www.federalreserve.gov/monet...centtrends.htm


Click image for larger version Name: febbalancegraph.PNG Views: 0 Size: 48.5 KB ID: 829295
 
  • "Central banks use reverse repos to add money to the money supply via open market operations."
https://www.investopedia.com/terms/...e repo is a,supply via open market operations


Apparently last night's reverse repo operation was the largest since 2017. Is the fed "churning"? Continuous debt rollovers?



Deal Date: Wednesday, May 19, 2021
Delivery Date: Wednesday, May 19, 2021
Maturity Date: Thursday, May 20, 2021
Type of Operation: Reverse Repo
Auction Method: Fixed-Rate
Settlement: Same Day
Term of Operation - Calendar Days : 1 Day
Term of Operation - Business Days : 1 Day
Operation Close Time: 01:15 PM
Participating Counterparties: 43
Accepted Counterparties: 43



[TABLE="border: 1"]
[TR]
[TD]Results[/TD]
[TD="colspan: 2"]Amount ($B)[/TD]
[TD="colspan: 5"]Rate (%)[/TD]
[/TR]
[TR]
[TD="width: 20%"]Collateral Type[/TD]
[TD="width: 13%, align: right"] Submitted[/TD]
[TD="width: 11%, align: right"]Accepted[/TD]
[TD="width: 11%, align: right"] [/TD]
[TD="width: 11%, align: right"]Award[SUP]3[/SUP][/TD]
[TD="width: 10%, align: right"]High [/TD]
[TD="width: 10%, align: right"]Low [/TD]
[TD="width: 14%, align: right"] [/TD]
[/TR]
[TR]
[TD="align: left"]Treasury[/TD]
[TD]293.998[/TD]
[TD]293.998[/TD]
[TD] [/TD]
[TD]0.00[/TD]
[TD]N/A [/TD]
[TD]N/A [/TD]
[/TR]
[/TABLE]


https://apps.newyorkfed.org/markets/autorates/temp
 
[TABLE="border: 0"]
[TR]
[TD]Deal Date: Thursday, May 20, 2021
Delivery Date: Thursday, May 20, 2021
Maturity Date: Friday, May 21, 2021
Type of Operation: Reverse Repo
Auction Method: Fixed-Rate
Settlement: Same Day
Term of Operation - Calendar Days : 1 Day
Term of Operation - Business Days : 1 Day
Operation Close Time: 01:15 PM
Participating Counterparties: 48
Accepted Counterparties: 48


[TABLE="border: 1"]
[TR]
[TD]Results[/TD]
[TD="colspan: 2"]Amount ($B)[/TD]
[TD="colspan: 5"]Rate (%)[/TD]
[/TR]
[TR]
[TD="width: 20%"]Collateral Type[/TD]
[TD="width: 13%, align: right"]Submitted[/TD]
[TD="width: 11%, align: right"]Accepted[/TD]
[TD="width: 11%, align: right"] [/TD]
[TD="width: 11%, align: right"]Award[SUP]3[/SUP][/TD]
[TD="width: 10%, align: right"]High[/TD]
[TD="width: 10%, align: right"]Low[/TD]
[TD="width: 14%, align: right"] [/TD]
[/TR]
[TR]
[TD="align: left"]Treasury[/TD]
[TD]351.121[/TD]
[TD]351.121[/TD]
[TD] [/TD]
[TD]0.00[/TD]
[TD]N/A[/TD]
[TD]N/A[/TD]
[TD] [/TD]
[/TR]
[/TABLE]
[/TD]
[/TR]
[TR]
[TD] [TABLE="border: 1"]
[TR]
[TD="align: right"]
arrow_up.gif
Top[/TD]
[/TR]
[/TABLE]
[/TD]
[/TR]
[/TABLE]


https://apps.newyorkfed.org/markets...=TRUE&startDate=01/01/2000&enddate=01/01/2000
 
And more...


Deal Date: Monday, May 24, 2021
Delivery Date: Monday, May 24, 2021
Maturity Date: Tuesday, May 25, 2021
Type of Operation: Reverse Repo
Auction Method: Fixed-Rate
Settlement: Same Day
Term of Operation - Calendar Days : 1 Day
Term of Operation - Business Days : 1 Day
Operation Close Time: 01:15 PM
Participating Counterparties: 54
Accepted Counterparties: 54



[TABLE="border: 1"]
[TR]
[TD]Results[/TD]
[TD="colspan: 2"]Amount ($B)[/TD]
[TD="colspan: 5"]Rate (%)[/TD]
[/TR]
[TR]
[TD="width: 20%"]Collateral Type[/TD]
[TD="width: 13%, align: right"] Submitted[/TD]
[TD="width: 11%, align: right"]Accepted[/TD]
[TD="width: 11%, align: right"] [/TD]
[TD="width: 11%, align: right"]Award[SUP]3[/SUP][/TD]
[TD="width: 10%, align: right"]High [/TD]
[TD="width: 10%, align: right"]Low [/TD]
[TD="width: 14%, align: right"] [/TD]
[/TR]
[TR]
[TD="align: left"]Treasury[/TD]
[TD]394.941[/TD]
[TD]394.941[/TD]
[TD] [/TD]
[TD]0.00[/TD]
[TD]N/A [/TD]
[TD]N/A [/TD]
[/TR]
[/TABLE]

https://apps.newyorkfed.org/markets...=TRUE&startDate=01/01/2000&enddate=01/01/2000
 
Deal Date: Tuesday, May 25, 2021
Delivery Date: Tuesday, May 25, 2021
Maturity Date: Wednesday, May 26, 2021
Type of Operation: Reverse Repo
Auction Method: Fixed-Rate
Settlement: Same Day
Term of Operation - Calendar Days : 1 Day
Term of Operation - Business Days : 1 Day
Operation Close Time: 01:15 PM
Participating Counterparties: 48
Accepted Counterparties: 48



[TABLE="border: 1"]
[TR]
[TD]Results[/TD]
[TD="colspan: 2"]Amount ($B)[/TD]
[TD="colspan: 5"]Rate (%)[/TD]
[/TR]
[TR]
[TD="width: 20%"]Collateral Type[/TD]
[TD="width: 13%, align: right"] Submitted[/TD]
[TD="width: 11%, align: right"]Accepted[/TD]
[TD="width: 11%, align: right"] [/TD]
[TD="width: 11%, align: right"]Award[SUP]3[/SUP][/TD]
[TD="width: 10%, align: right"]High [/TD]
[TD="width: 10%, align: right"]Low [/TD]
[TD="width: 14%, align: right"] [/TD]
[/TR]
[TR]
[TD="align: left"]Treasury[/TD]
[TD]432.955[/TD]
[TD]432.955[/TD]
[TD] [/TD]
[TD]0.00[/TD]
[TD]N/A [/TD]
[TD]N/A [/TD]
[/TR]
[/TABLE]


https://apps.newyorkfed.org/markets...=TRUE&startDate=01/01/2000&enddate=01/01/2000
 
Yup...it takes more and more....




Deal Date: Wednesday, May 26, 2021
Delivery Date: Wednesday, May 26, 2021
Maturity Date: Thursday, May 27, 2021
Type of Operation: Reverse Repo
Auction Method: Fixed-Rate
Settlement: Same Day
Term of Operation - Calendar Days : 1 Day
Term of Operation - Business Days : 1 Day
Operation Close Time: 01:15 PM
Participating Counterparties: 46
Accepted Counterparties: 46



[TABLE="border: 1"]
[TR]
[TD]Results[/TD]
[TD="colspan: 2"]Amount ($B)[/TD]
[TD="colspan: 5"]Rate (%)[/TD]
[/TR]
[TR]
[TD="width: 20%"]Collateral Type[/TD]
[TD="width: 13%, align: right"] Submitted[/TD]
[TD="width: 11%, align: right"]Accepted[/TD]
[TD="width: 11%, align: right"] [/TD]
[TD="width: 11%, align: right"]Award[SUP]3[/SUP][/TD]
[TD="width: 10%, align: right"]High [/TD]
[TD="width: 10%, align: right"]Low [/TD]
[TD="width: 14%, align: right"] [/TD]
[/TR]
[TR]
[TD="align: left"]Treasury[/TD]
[TD]450.283[/TD]
[TD]450.283[/TD]
[TD] [/TD]
[TD]0.00[/TD]
[TD]N/A [/TD]
[TD]N/A [/TD]
[/TR]
[/TABLE]


https://apps.newyorkfed.org/markets...=TRUE&startDate=01/01/2000&enddate=01/01/2000
 
All time record high....now what?


Deal Date: Thursday, May 27, 2021
Delivery Date: Thursday, May 27, 2021
Maturity Date: Friday, May 28, 2021
Type of Operation: Reverse Repo
Auction Method: Fixed-Rate
Settlement: Same Day
Term of Operation - Calendar Days : 1 Day
Term of Operation - Business Days : 1 Day
Operation Close Time: 01:15 PM
Participating Counterparties: 50
Accepted Counterparties: 50



[TABLE="border: 1"]
[TR]
[TD]Results[/TD]
[TD="colspan: 2"]Amount ($B)[/TD]
[TD="colspan: 5"]Rate (%)[/TD]
[/TR]
[TR]
[TD="width: 20%"]Collateral Type[/TD]
[TD="width: 13%, align: right"] Submitted[/TD]
[TD="width: 11%, align: right"]Accepted[/TD]
[TD="width: 11%, align: right"] [/TD]
[TD="width: 11%, align: right"]Award[SUP]3[/SUP][/TD]
[TD="width: 10%, align: right"]High [/TD]
[TD="width: 10%, align: right"]Low [/TD]
[TD="width: 14%, align: right"] [/TD]
[/TR]
[TR]
[TD="align: left"]Treasury[/TD]
[TD]485.329[/TD]
[TD]485.329[/TD]
[TD] [/TD]
[TD]0.00[/TD]
[TD]N/A [/TD]
[TD]N/A [/TD]
[/TR]
[/TABLE]


https://apps.newyorkfed.org/markets...=TRUE&startDate=01/01/2000&enddate=01/01/2000
 
Deal Date: Tuesday, June 01, 2021
Delivery Date: Tuesday, June 01, 2021
Maturity Date: Wednesday, June 02, 2021
Type of Operation: Reverse Repo
Auction Method: Fixed-Rate
Settlement: Same Day
Term of Operation - Calendar Days : 1 Day
Term of Operation - Business Days : 1 Day
Operation Close Time: 01:15 PM
Participating Counterparties: 43
Accepted Counterparties: 43



[TABLE="border: 1"]
[TR]
[TD]Results[/TD]
[TD="colspan: 2"]Amount ($B)[/TD]
[TD="colspan: 5"]Rate (%)[/TD]
[/TR]
[TR]
[TD="width: 20%"]Collateral Type[/TD]
[TD="width: 13%, align: right"]Submitted[/TD]
[TD="width: 11%, align: right"]Accepted[/TD]
[TD="width: 11%, align: right"] [/TD]
[TD="width: 11%, align: right"]Award[SUP]3[/SUP][/TD]
[TD="width: 10%, align: right"]High[/TD]
[TD="width: 10%, align: right"]Low[/TD]
[TD="width: 14%, align: right"] [/TD]
[/TR]
[TR]
[TD="align: left"]Treasury[/TD]
[TD]447.985[/TD]
[TD]447.985[/TD]
[TD] [/TD]
[TD]0.00[/TD]
[TD]N/A[/TD]
[TD]N/A[/TD]
[/TR]
[/TABLE]

https://apps.newyorkfed.org/markets...=TRUE&startDate=01/01/2000&enddate=01/01/2000
​​​​​​​
 
They've been buying corporate bonds since last year. I think that is a first in their history.

https://seekingalpha.com/instablog/...07186-fed-buying-corporate-bonds-hurt-economy

The FED Buying Corporate Bonds Has Hurt The Economy

Oct. 24, 2020 2:05 PM ET

Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.
Summary
  • The Federal Reserve is operating outside of their charter by buying corporate bonds.
  • These purchases are harmful to the middle class and economy as a whole.
The Fed is buying corporate bonds on the secondary market. This is important to understand, because it tells you what the Fed is actually trying to do. They're providing liquidity to the corporate bond market to backstop corporate bond traders. This is about helping Wall Street. This isn't about corporate solvency or saving jobs. If the Fed were buying new debt or retiring existing debt, that could directly strengthen a company's balance sheet. But they're not doing that. They're hardly even buying bonds of companies in trouble vs investment grade...
 
Deal Date: Thursday, June 03, 2021
Delivery Date: Thursday, June 03, 2021
Maturity Date: Friday, June 04, 2021
Type of Operation: Reverse Repo
Auction Method: Fixed-Rate
Settlement: Same Day
Term of Operation - Calendar Days : 1 Day
Term of Operation - Business Days : 1 Day
Operation Close Time: 01:15 PM
Participating Counterparties: 40
Accepted Counterparties: 40



[TABLE="border: 1"]
[TR]
[TD]Results[/TD]
[TD="colspan: 2"]Amount ($B)[/TD]
[TD="colspan: 5"]Rate (%)[/TD]
[/TR]
[TR]
[TD="width: 20%"]Collateral Type[/TD]
[TD="width: 13%, align: right"] Submitted[/TD]
[TD="width: 11%, align: right"]Accepted[/TD]
[TD="width: 11%, align: right"] [/TD]
[TD="width: 11%, align: right"]Award[SUP]3[/SUP][/TD]
[TD="width: 10%, align: right"]High [/TD]
[TD="width: 10%, align: right"]Low [/TD]
[TD="width: 14%, align: right"] [/TD]
[/TR]
[TR]
[TD="align: left"]Treasury[/TD]
[TD]479.102[/TD]
[TD]479.102[/TD]
[TD] [/TD]
[TD]0.00[/TD]
[TD]N/A [/TD]
[TD]N/A [/TD]
[/TR]
[/TABLE]
 
[TABLE="border: 0"]
[TR]
[TD]Deal Date: Wednesday, June 09, 2021
Delivery Date: Wednesday, June 09, 2021
Maturity Date: Thursday, June 10, 2021
Type of Operation: Reverse Repo
Auction Method: Fixed-Rate
Settlement: Same Day
Term of Operation - Calendar Days : 1 Day
Term of Operation - Business Days : 1 Day
Operation Close Time: 01:15 PM
Participating Counterparties: 59
Accepted Counterparties: 59



[TABLE="border: 1"]
[TR]
[TD]Results[/TD]
[TD="colspan: 2"]Amount ($B)[/TD]
[TD="colspan: 5"]Rate (%)[/TD]
[/TR]
[TR]
[TD="width: 20%"]Collateral Type[/TD]
[TD="width: 13%, align: right"] Submitted[/TD]
[TD="width: 11%, align: right"]Accepted[/TD]
[TD="width: 11%, align: right"] [/TD]
[TD="width: 11%, align: right"]Award[SUP]3[/SUP][/TD]
[TD="width: 10%, align: right"]High [/TD]
[TD="width: 10%, align: right"]Low [/TD]
[TD="width: 14%, align: right"] [/TD]
[/TR]
[TR]
[TD="align: left"]Treasury[/TD]
[TD]502.904[/TD]
[TD]502.904[/TD]
[TD] [/TD]
[TD]0.00[/TD]
[TD]N/A [/TD]
[TD]N/A [/TD]
[TD] [/TD]
[/TR]
[/TABLE]
[/TD]
[/TR]
[TR]
[TD] [/TD]
[/TR]
[/TABLE]

https://apps.newyorkfed.org/markets...=TRUE&startDate=01/01/2000&enddate=01/01/2000
 
Deal Date: Friday, June 11, 2021
Delivery Date: Friday, June 11, 2021
Maturity Date: Monday, June 14, 2021
Type of Operation: Reverse Repo
Auction Method: Fixed-Rate
Settlement: Same Day
Term of Operation - Calendar Days : 3 Days
Term of Operation - Business Days : 1 Day
Operation Close Time: 01:15 PM
Participating Counterparties: 49
Accepted Counterparties: 49



[TABLE="border: 1"]
[TR]
[TD]Results[/TD]
[TD="colspan: 2"]Amount ($B)[/TD]
[TD="colspan: 5"]Rate (%)[/TD]
[/TR]
[TR]
[TD="width: 20%"]Collateral Type[/TD]
[TD="width: 13%, align: right"] Submitted[/TD]
[TD="width: 11%, align: right"]Accepted[/TD]
[TD="width: 11%, align: right"] [/TD]
[TD="width: 11%, align: right"]Award[SUP]3[/SUP][/TD]
[TD="width: 10%, align: right"]High [/TD]
[TD="width: 10%, align: right"]Low [/TD]
[TD="width: 14%, align: right"] [/TD]
[/TR]
[TR]
[TD="align: left"]Treasury[/TD]
[TD]547.808[/TD]
[TD]547.808[/TD]
[TD] [/TD]
[TD]0.00[/TD]
[TD]N/A [/TD]
[TD]N/A [/TD]
[/TR]
[/TABLE]


https://apps.newyorkfed.org/markets...=TRUE&startDate=01/01/2000&enddate=01/01/2000
 
Deal Date: Monday, June 14, 2021
Delivery Date: Monday, June 14, 2021
Maturity Date: Tuesday, June 15, 2021
Type of Operation: Reverse Repo
Auction Method: Fixed-Rate
Settlement: Same Day
Term of Operation - Calendar Days : 1 Day
Term of Operation - Business Days : 1 Day
Operation Close Time: 01:15 PM
Participating Counterparties: 59
Accepted Counterparties: 59



[TABLE="border: 1"]
[TR]
[TD]Results[/TD]
[TD="colspan: 2"]Amount ($B)[/TD]
[TD="colspan: 5"]Rate (%)[/TD]
[/TR]
[TR]
[TD="width: 20%"]Collateral Type[/TD]
[TD="width: 13%, align: right"] Submitted[/TD]
[TD="width: 11%, align: right"]Accepted[/TD]
[TD="width: 11%, align: right"] [/TD]
[TD="width: 11%, align: right"]Award[SUP]3[/SUP][/TD]
[TD="width: 10%, align: right"]High [/TD]
[TD="width: 10%, align: right"]Low [/TD]
[TD="width: 14%, align: right"] [/TD]
[/TR]
[TR]
[TD="align: left"]Treasury[/TD]
[TD]583.892[/TD]
[TD]583.892[/TD]
[TD] [/TD]
[TD]0.00[/TD]
[TD]N/A [/TD]
[TD]N/A [/TD]
[/TR]
[/TABLE]


https://apps.newyorkfed.org/markets...=TRUE&startDate=01/01/2000&enddate=01/01/2000
 
WOW....not lending much?



Deal Date: Thursday, June 17, 2021
Delivery Date: Thursday, June 17, 2021
Maturity Date: Friday, June 18, 2021
Type of Operation: Reverse Repo
Auction Method: Fixed-Rate
Settlement: Same Day
Term of Operation - Calendar Days : 1 Day
Term of Operation - Business Days : 1 Day
Operation Close Time: 01:15 PM
Participating Counterparties: 68
Accepted Counterparties: 68



[TABLE="border: 1"]
[TR]
[TD]Results[/TD]
[TD="colspan: 2"]Amount ($B)[/TD]
[TD="colspan: 5"]Rate (%)[/TD]
[/TR]
[TR]
[TD="width: 20%"]Collateral Type[/TD]
[TD="width: 13%, align: right"] Submitted[/TD]
[TD="width: 11%, align: right"]Accepted[/TD]
[TD="width: 11%, align: right"] [/TD]
[TD="width: 11%, align: right"]Award[SUP]3[/SUP][/TD]
[TD="width: 10%, align: right"]High [/TD]
[TD="width: 10%, align: right"]Low [/TD]
[TD="width: 14%, align: right"] [/TD]
[/TR]
[TR]
[TD="align: left"]Treasury[/TD]
[TD]755.800[/TD]
[TD]755.800[/TD]
[TD] [/TD]
[TD]0.05[/TD]
[TD]N/A [/TD]
[TD]N/A [/TD]
[/TR]
[/TABLE]


https://apps.newyorkfed.org/markets...=TRUE&startDate=01/01/2000&enddate=01/01/2000
 
Deal Date: Friday, June 18, 2021
Delivery Date: Friday, June 18, 2021
Maturity Date: Monday, June 21, 2021
Type of Operation: Reverse Repo
Auction Method: Fixed-Rate
Settlement: Same Day
Term of Operation - Calendar Days : 3 Days
Term of Operation - Business Days : 1 Day
Operation Close Time: 01:15 PM
Participating Counterparties: 61
Accepted Counterparties: 61



[TABLE="border: 1"]
[TR]
[TD]Results[/TD]
[TD="colspan: 2"]Amount ($B)[/TD]
[TD="colspan: 5"]Rate (%)[/TD]
[/TR]
[TR]
[TD="width: 20%"]Collateral Type[/TD]
[TD="width: 13%, align: right"] Submitted[/TD]
[TD="width: 11%, align: right"]Accepted[/TD]
[TD="width: 11%, align: right"] [/TD]
[TD="width: 11%, align: right"]Award[SUP]3[/SUP][/TD]
[TD="width: 10%, align: right"]High [/TD]
[TD="width: 10%, align: right"]Low [/TD]
[TD="width: 14%, align: right"] [/TD]
[/TR]
[TR]
[TD="align: left"]Treasury[/TD]
[TD]747.121[/TD]
[TD]747.121[/TD]
[TD] [/TD]
[TD]0.05[/TD]
[TD]N/A [/TD]
[TD]N/A [/TD]
[TD] [/TD]
[/TR]
[/TABLE]


https://apps.newyorkfed.org/markets...=TRUE&startDate=01/01/2000&enddate=01/01/2000
 
Deal Date: Monday, June 21, 2021
Delivery Date: Monday, June 21, 2021
Maturity Date: Tuesday, June 22, 2021
Type of Operation: Reverse Repo
Auction Method: Fixed-Rate
Settlement: Same Day
Term of Operation - Calendar Days : 1 Day
Term of Operation - Business Days : 1 Day
Operation Close Time: 01:15 PM
Participating Counterparties: 68
Accepted Counterparties: 68



[TABLE="border: 1"]
[TR]
[TD]Results[/TD]
[TD="colspan: 2"]Amount ($B)[/TD]
[TD="colspan: 5"]Rate (%)[/TD]
[/TR]
[TR]
[TD="width: 20%"]Collateral Type[/TD]
[TD="width: 13%, align: right"] Submitted[/TD]
[TD="width: 11%, align: right"]Accepted[/TD]
[TD="width: 11%, align: right"] [/TD]
[TD="width: 11%, align: right"]Award[SUP]3[/SUP][/TD]
[TD="width: 10%, align: right"]High [/TD]
[TD="width: 10%, align: right"]Low [/TD]
[TD="width: 14%, align: right"] [/TD]
[/TR]
[TR]
[TD="align: left"]Treasury[/TD]
[TD]765.141[/TD]
[TD]765.141[/TD]
[TD] [/TD]
[TD]0.05[/TD]
[TD]N/A [/TD]
[TD]N/A [/TD]
[/TR]
[/TABLE]


https://apps.newyorkfed.org/markets...=TRUE&startDate=01/01/2000&enddate=01/01/2000
 
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