Despite the Fed’s tough-talk about getting the funds rate above 5%, monetary and liquidity measures are significantly less bearish. Thank SVB depositors, who required a bailout big enough to reverse five months of QT in just two weeks. The market reaction looks like that after September 2019’s Overnight Repo-market turmoil, which forced the Fed to end its first experiment with QT.
Apr
07
2023
Pause, Then “Paws?”
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QT Quantitative Tightening Monetary Measures Liquidity Market Internals NYSE Moving Balance Indicator Breadth Thrust NYSE Advance/DeclineLogin
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