Well, it’s Thursday, and since I have nothing new to say about the markets in particular, let’s just look at the latest liquidity information from the politburo of the federal government.
First off, Powell is still burning off assets held by his politburo, selling off his rapidly-diminishing value comprised of government “securities”. Stay the course, JP!
Yellen’s Free Money for Banking Friends program is doing just great, thanks so much, as it hits yet another high of shameless, reckless handouts to her cronies, now well in excess of a tenth of a TRILLION bucks. If you think they’re going to pay this back, I’ve got some FTX Tokens to sell you.
And her checkbook is still nice and healthy, thanks to the debt ceiling surrender a few months ago.
The Reverse Repo is *SO* 2022 and continues to fall out of favor.
Boil ’em all down, and you get a “should be” level that is quite appropriately 666 points lower than the actual S&P 500 index. I can only pray to God that we sell off hard next week.
