Since the Federal Reserve is on the brink of beginning its quantitative tightening (QT) program, beginning June 1, I thought that I should dedicate an issue of Monetary Mechanics to the mechanics of quantitative tightening, just like I did for the mechanics of quantitative easing…
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On a daily basis, trillions of dollars flow between financial market participants in securities, derivatives, and foreign exchange contracts. Moreover…
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Part 2: A Deeper Dive
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Part 9: "Securitization" – Repo as a Driver of Securitization
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Part 8: "Liability Management" – Repo as a Liability Management Tool
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Part 1: A General Overview
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In this issue of Monetary Mechanics, I am going to do something a little different. In September 2021, I released a trade idea, which was to short CNH…
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In the previous issue of Monetary Mechanics, I offered a high-level overview of the various scenarios that could occur as the Federal Reserve begins to…
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Monetary Mechanics