Dismal's Smacks

🌙 ☀️

Sign in Subscribe

📈 Macroeconomics

FedNow Is Coming in July. What Is It, and What Does It Do?

Source: https://tellerwindow.newyorkfed.org/2023/06/26/fednow-is-coming-in-july-what-is-it-and-what-does-it-do/ On March 15, the Federal Reserve announced that the FedNow Service will launch in July 2023. FedNow will “facilitate nationwide reach of instant payment services by financial institutions—regardless of size or geographic location—around the clock, every day of the

Liabilities and Capital: Liabilities: Earnings Remittances Due to the U.S. Treasury -71.875 billion as of 6/21/2023.

Let's talk about the Fed's cumulative losses in 9 months that equal almost as much (-71.875 billion vs $76 billion) that they remitted to the U.S. Treasury for ALL of 2022... https://fred.stlouisfed.org/series/RESPPLLOPNWW Remember, the Fed is playing slight of

June 2023 Senior Credit Officer Opinion Survey: "For hedge funds, around 1/4 of dealers, on net, reported nonprice terms tightened somewhat on securities financing transactions & OTC derivatives over the past three months."

Source: https://www.federalreserve.gov/data/files/scoos_202306.pdf Summary The June 2023 Senior Credit Officer Opinion Survey on Dealer Financing Terms (SCOOS) collected qualitative information on changes in credit terms and conditions in securities financing and over-the-counter (OTC) derivatives. In addition to the core questions, the survey included

Inflation Alert! Bank of England (50 basis points), Norway Central Bank (50 basis points), Swiss National Bank (25 basis points) all raise interest rates to combat inflation.

Remember, JPow told Congress yesterday rate hikes needed here but the Fed is not acting while other central banks are. Norway: https://www.norges-bank.no/en/topics/Monetary-policy/Monetary-policy-meetings/2023/june-2023/ Policy rate raised to 3.75 percent Norges Bank's Monetary Policy and Financial Stability Committee decided to

Inflation Alert! Chicago Federal Reserve Bank President Austan Goolsbee has to ‘do more sniffing’ on inflation before being open to raising rates again: “I have not decided what should be the rate decision more than a month from now” ”I am a data dog."

https://globalfood.wsj.com/#speakers https://www.marketwatch.com/story/goolsbee-says-fed-has-to-do-more-sniffing-on-inflation-before-raising-rates-again-565128ce The president of the Chicago Federal Reserve said the U.S. central bank needs to “do more sniffing” on the economy and inflation before determining whether to resume raising interest rates. “I have not decided what should be the

Bank of Canada minutes on immediate rate hike: "the economy remained clearly in excess demand and that the rebalancing of supply and demand was likely to take longer than previously expected."

"members felt that enough data had accumulated to convince them that more restrictive policy was needed." Source: https://www.bankofcanada.ca/2023/06/summary-governing-council-deliberations-fixed-announcement-date-june-7-2023/ Highlights: * "the economy remained clearly in excess demand and that the rebalancing of supply and demand was likely to take longer than previously

Apollo Global Management chief economist Torsten Slok: “Since SVB collapsed, the Fed has been adding liquidity, and the S&P 500 is up more than 10%."

"The high correlation between Fed net QE and the S&P 500 seen in the chart below suggests that Fed liquidity is a crucial driver of the stock market,” Reddit Post