Penciling The Path For Liquidity Drain
IMO one of the greatest sources (besides Darius Dale) for putting the macro environment into regimes.
Thanks for the article. Extremely informative , however I had a little bit of difficulty understanding the treasury part.I will give this a read again to get around it.
"The Treasury has chosen to reduce issuance significantly, thereby further limiting liquidity growth" ... When the Treasury ISSUES securities (bills/notes/bonds), they are REMOVING liquidity from the system (i.e. they give you a piece of paper and take your cash). So issuing LESS would be removing LESS liquidity, no?