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Fed Repo Operations is Failing!
The investors are running away from Repos and just let the Fed's buy their own bonds back! The robbing of Peter to pay Paul fallacy is coming to a head. Hair cut time! Sovereign debt cycle is a con-game.
serf
According to Bloomberg, "the lack of
interest may stem from the fact that the central bank is buying $75b of
Treasury securities a day
It also means that going forward the Fed's repo operations will be a "fail" virtually every time as Dealers chose not to park their securities with the Fed but instead sell them to the Fed, a contradictory outcome which was obvious to most people as far back as two weeks ago.
All... except the Fed of course which is just making things up as it goes along and no longer ever realizes what it is doing.
My sweetest friend
Everyone I know goes away
In the end
And you could have it all
My empire of dirt
I will let you down
I will make you hurt
Johnny Cash