TNX 10-Year Yield + Repo Problems + Bonds Extreme Leverage
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When plumbing works well, you don’t need to think about it. That’s usually the case with a vital but obscure part of the financial system known as the repo market.
Bank of International Settlements has been reporting some very interesting documents connecting overleverage by MULTIPLE hedge funds (potentially even my hero Ray at Bridgewater) in the overnight repo market (making a percentage by loaning it out) which is having ripple effects in the TNX, and Bond market - Forcing the Fed to supply liquidity directly from its balance sheet. But the plumbing (Repo=Liquidity) got blown out, and the Fed is plugging the hole with QE.
The about-face interest rate policy from the Fed put significant stress on the overleveraged market.
The Bank of International Settlements is just doing routine reports, I think they don't want to be caught up in it.
Feels crazy, but I think the TNX might fall further.
Stocks and Bonds correlations appear to be absent.
Bank of International Settlements has been reporting some very interesting documents connecting overleverage by MULTIPLE hedge funds (potentially even my hero Ray at Bridgewater) in the overnight repo market (making a percentage by loaning it out) which is having ripple effects in the TNX, and Bond market - Forcing the Fed to supply liquidity directly from its balance sheet. But the plumbing (Repo=Liquidity) got blown out, and the Fed is plugging the hole with QE.
The about-face interest rate policy from the Fed put significant stress on the overleveraged market.
The Bank of International Settlements is just doing routine reports, I think they don't want to be caught up in it.
Feels crazy, but I think the TNX might fall further.
Stocks and Bonds correlations appear to be absent.
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