MacroDispatch
@Macrodispatch
Data & Charts = Bread & Butter Building The Macro Puzzle Data Point by Data Point Just following my curiosity! Formely Macrohive,The Macro Compass,StoneX
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[REPO - STIR Interactive] Ever Wondered If Everything is Okey in the repo Market? Me and @Analystlearner have done a deep dive in the and came up with a @streamlit application to monitor repo on an ongoing basis Latter will published a thread and link
The graph tells us the obvious: when Repo rates are high, more collateral goes into the Standing Repo Facility . It's good to finally know that there's a "price" for the participants to submit collateral and not institutional barriers that prevent the facility from functioning
The best of the best, 10 years, wow!
The market sent $50.35 billion of securities to the SRF and $51.802 billion of cash to to the RRP Friday. Ironically, the number of securities given to the Fed about equals the amount of cash received. This was the first time the SRF functioned as designed
If anything, the bid on FHLB Reserves in FED-FUNDS, finally has some movement from -7bps to -4bps Non-month-end pressure shows a slight mismatch in balance sheets due to IORB spreads; no big jump like December 2019 or the infamous 2019 + If we get to it, the Fed will intervene
Interesting. They've announced that QT ends next month. Beginning December, they will reinvest maturing Agencies into Bills (75% in the 1-4 months bracket). This does nothing for reserves! SR-ZQ boxes should be pressured lower! This is good for repo volatility! :)
The placement of REPO GC within the target range with 25 at the top and 0 at the bottom. The "new normal" could be the top of the range, or maybe a certain amount of bps above the top where participants access the SRF. Or where cash from other markets comes into the Repo market
Take notes, great article!
From the same series of equations of tariff deficit math
Here's the genuine problem. There's a lot of bottom-up arguments Miran makes for r* = 0%, each a good deal outside of consensus but interesting. But there's also another thing that could make someone argue r* = 0%, as show in the algebra below. 2/2 mikekonczal.substack.com/p/mirans-case-…
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