We are now talking about Trump appointees may soon get Fed Board majority now, given the Lisa Cook case
and I actually wrote about it *check notes* a month earlier 🌝🌝🌝🌝🌝
We are now talking about Trump appointees may soon get Fed Board majority now, given the Lisa Cook case
and I actually wrote about it *check notes* a month earlier 🌝🌝🌝🌝🌝
Here is my latest on the Fed's Standing Repo Facility, featuring
1️⃣ some fun anecdotes about its origins from David Andolfatto
✌️ discussion about its current state
3️⃣its potential as the star of the Fed's interest rate regime
4️⃣and why it can't...
econreporter.substack.com/p/standing-rep…
🔔🔔🔔
Here is my long-form article on question of why Standing Repo Facility may potentially be one of the most important tools for the Federal Reserve in the post-QT era, featuring @DavidBeckworth@dandolfa's excellent insights ‼️‼️
👉 econreporter.substack.com/p/standing-rep…
This is a topic which I have a very strange feeling about... like... I got to be wrong...
right?? right??
**Trump appointees will get Fed board majority when Powell is gone – and it matters**
en.econreporter.com/57367/trump-ap…
Exchange Fund Bills rollover..
This is a graph I encourage every HKD commentator to look at before they write.
Aggregate Balance is the gauge of interbank liquidity in HK.
And what this graph shows is simple: there are two ways to drain liquidity from Aggregate Balance
#2 is reverse logic to me.
A currency peg is not in danger because it has to intervene often. It's only in danger when it runs out of USD , but HKD is backed by a lot of USD, not remotely close to any worry of running out.
& this episode we are talking "too much liquidity"
1) it is assumed HKMA deliberately lower interest rate with (not enough) "foreign exchange interventions"
&
2) More foreign exchange intervention is detrimental to the currency peg
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