On Thursday, knowing that a three-day Easter weekend was coming and the attention of the public would be elsewhere, the Federal Reserve announced that it would allow two of its emergency lending programs to begin buying junk bonds. Those are bonds with less than an investment-grade credit rating, meaning they have a greater likelihood of […]
The Day the Fed Nationalized the Bond Market: The Complete Summary of Everything the Fed Did Today…
Two weeks after the Fed stunned markets by doing something not even Ben Bernanke dared to do, start buying investment grade corporate bonds, today the Fed’s nationalization of the entire bond market was complete when the Fed – with the blessing of the Treasury – threw the kitchen sink at the most vulnerable verticals of […]
Fed Chair Powell Tells Whoppers This Morning on the Brookings Institution Webcast…
The Fed’s advance men were all over the media today attempting to transform a sow’s ear into a silk purse (or, as they say on Wall Street, put lipstick on a pig). The Fed surprised the market today with the stunning announcement that it was going to start buying up junk bonds from the markets […]
Stocks Surge on Fed’s $2.3 Trillion Stimulus…
U.S. equity markets rallied Thursday after the Federal Reserve’s plan to provide $2.3 trillion in lending to households and businesses overshadowed a surge in jobless claims. The Dow Jones Industrial Average rose 285 points, or 1.22 percent, narrowly missing gains that would have registered the index’s best week since 1938. The S&P 500 and Nasdaq […]
The Fed Apparently Thinks It’s Going to Lose $454 Billion on Its Wall Street Bailout…
On Thursday, March 26, in the midst of a growing panic on Wall Street over a lack of liquidity for toxic debt, the Federal Reserve Chairman Jerome Powell did something unprecedented. He appeared live on the Today show. His interviewer, Savannah Guthrie, opened the interview by noting that one writer had said that the Fed […]
Wall Street Had Cut 68,000 Jobs and Received Trillions in Emergency Loans Prior to COVID-19 Anywhere in the World…
On March 26 Federal Reserve Chairman Jerome Powell went on the Today show to deliver one message: “There is nothing fundamentally wrong with our economy.” Recently U.S. Treasury Secretary Steve Mnuchin has appeared on the White House lawn to tell reporters that this is nothing like the last financial crisis. Fed regional bank presidents have […]
Stimulus Bill Allows Federal Reserve to Conduct Meetings in Secret; Gives Fed $454 Billion Slush Fund for Wall Street Bailouts…
The U.S. Senate voted 96-0 late yesterday on a massive bailout of Wall Street banks versus a short-term survival plan for American workers thrown out of their jobs – and potentially their homes. The text of the final bill was breathtaking in the breadth of new powers it bestowed on the Federal Reserve, including the […]
This Is the Fear Chart That the Smart Money on Wall Street Is Watching…
The chart that tells you how all of today’s economic troubles are going to end is not the bar graph of new deaths from coronavirus in Italy versus deaths in the U.S. It’s the chart that shows the number of potential deaths among the banks and insurance companies that have gorged themselves on risky derivatives […]
Federal Reserve Announces Unprecedented $1.5 Trillion in Loans to Wall Street Today and Tomorrow…
Making the most unprecedented announcement in the history of Wall Street, the Federal Reserve Bank of New York announced today that it will be offering $500 billion in 3-month repo loans to its primary dealers (Wall Street trading firms) today at 1:30 p.m. That $500 billion comes on top of the $198.10 billion the New […]
Demand for Fed’s Repo Loans Surges Past $100 Billion a Day as 10-Year Treasury Hits Lowest Rate in 149 Years…
Federal Reserve Chairman Jerome Powell certainly has an odd notion of what constitutes an “orderly” market. At his press conference on Tuesday, following the announcement that the Fed was cutting its Fed Funds rate by a half point without waiting for its regularly scheduled meeting when rate cuts are normally deliberated, Powell said that “financial […]
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