Fed just touched off 3rd instance of UST market dysfunction in past 13 months; USD liquidity cometh.   – FFTT, 10/17/23Last time the “Soros Imperial Dollar Cycle” drove the USD up and the US Insolvency Ratio as high as it is now, the USD was weakened significantly a short time later.     – FFTT, 10/31/23Given the choice of “hurt the UST market and real economy” or “weaken the USD”, these three Treasury TBAC reports strongly suggest

PLEASE NOTE: WE WILL NOT BE PUBLISHING ANY REPORTS NEXT WEEK IN OBSERVANCE OF THANKSGIVING HERE IN THE US.  Thank you!

Bottom line, the “tail” measures unanticipated UST demand shifts before auction; the larger the tail, the worse the auction.  If we ever see a tail in the 4, 5, or 6bp range, this would be considered disastrous in the bond world and mean things are breaking in US Treasuries.– James Lavish, via X, 10/4/22 After some pretty blah auctions this week seen with the 3 yr and the 10 yr, today’s 30 yr auction was

I just rewatched the movie “The Big Short” two nights ago with my wife. So much of it rhymes with what’s happening now, except the AAA rating that is bullsh*t is the risk-free collateral of the whole system (i.e., USTs and western sovereign debt.)     -FFTT, to a hedge fund manager friend, this week Then it comes to be, that the soothing light at the end of your tunnel, is just a freight train coming your