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Update on T-bills. Last week's wild auctions repeated this week, only with flipped maturities. Other related data confirm the sharp demand as well as dealer participation in it. We discuss the implications plus dig into the reason why collateral is so important to begin with, and also why we don't know nearly enough about what's going on. Eurodollar University's Money & Macro Analysis WEBINAR REPLAY, w/SPECIAL GUEST JIM RICKARDS https://event.webinarjam.com/go/replay/26/7y53nc7mb44azzaw FRBNY Primary Dealer Statistics https://www.newyorkfed.org/markets/counterparties/primary-dealers-statistics IOSCO Securities Lending Transactions: Market Development and Implications https://www.iosco.org/library/pubdocs/pdf/IOSCOPD96.pdf OFR Why Is So Much Repo Not Centrally Cleared? https://www.financialresearch.gov/briefs/files/OFRBrief_23-01_Why-Is-So-Much-Repo-Not-Centrally-Cleared.pdf https://www.eurodollar.university Twitter: https://twitter.com/JeffSnider_EDU |