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?”
tags
QT Quantitative Tightening Monetary Measures Liquidity Market Internals NYSE Moving Balance Indicator Breadth Thrust NYSE Advance/DeclineLogin
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