🔥The 9th Round of Easy Loan, Earn $40 Reward is in progress❗️ ⏰ Promotion Period: January 15th - Feburary 15th, 2025 👉 Register now and check more details at gate.io/campaigns/358

Nothing Ever Happens bros formalizing their unconditional surrender:

Ending IOR would impact rate control and be ineffective in reducing the deficit. Fed would just end up paying a lot more RRP interest. But tiering reserves would cut interest expense and maintain rate control. No legislation is needed, just a new Chair. fedguy.com/revoking-inter…

Bob is a very sharp macro thinker. Check out his new service!

Bowman supports a July cut! (She has typically been hawkish.)

Mr Rounds 🏦 Interesting questioning today regarding the Fed returning to a scarcity based (pre-GFC) framework Jerome Powell's response: "Returning to scarce reserves would be a long and bumpy volatile road ... I would not recommend it ... it would not save any money" As

Banking regulators found that the SLR was frequently binding, so SLR reform will matter. Also they don't think banks will just buy back shares because the capital requirements on the holding company level are little changed, though lower on the bank level.

Making Waller Fed Chair probably makes the most sense. The market already knows him and is comfortable with his judgement. And Trump would get to name two loyalists to the Board as replacements for Kugler and (probably) Powell.

I deleted my post on the GENIUS act as I was looking at an earlier version of the bill, where the one that passed took out the section on Fed reserves.

Ok, ok. Time to cut cut cut.

Markets Weekly June 28, 2025 Misc Stuff Shadow Fed Chair youtu.be/YNcJRrL4JX4

Guys the official White House site is offering a stream of LoFi music to study too. 😂

Trump can lower rates by nominating his own Chair and shortening the maturity profile of Treasuries. But that will come at the cost of significant dollar depreciation. Low rates sound risk positive, but the impact could be overwhelmed by capital flight. fedguy.com/operation-free…

🤣

More evidence of de-coupling? And note that the reason is 'political' ;)

According to Goldman Sachs, China is buying a lot more gold than the PBoC is declaring, and, in part on that basis, it is predicting a gold price of $4000 by mid 2026.

Friendly Reminder: As President, Trump has already been given a preview of tomorrow’s jobs number.

Markets Weekly July 4, 2025 UK Market Kerfuffle BBB and NFP Trade War Heating Up youtu.be/jNjUTH4HJfM

Taiwan's central bank confirmed intervention in the month of June; its reserves rose by over $5b -- The $24b plus rise in reserves and forwards over the last 3ms is the largest increase since late 2020. Very clear that the CBC is resisting appreciation pressure 1/2

It's happening