Pandemic Effects
Reflation, pandemic effects, payroll preview, antitrust and Biden tax plan unintended consequences
Breaks Won’t Back Down
The Federal Reserve’s acquiescence to political pressure led to the end of the exemption for reserves and Treasuries from the supplementary leverage ratio (SLR), however the immediate reaction was counterintuitive squeeze of Treasury market shorts. As we discussed in last week’s podcast Nationalized Banking, the larger intermediate…