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Dave Kranzler: Is the Fed bracing for impact?
By Dave Kranzler
Investment Research Dynamics, Denver
Thursday, August 12, 2021
"The concept of transitory is really this: it is that, uh, the increases will happen. We’re not saying they will reverse. That's not what transitory means. It means that the increases in prices will happen, so there will be inflation, but that the process of inflation, uh, will stop so that, so that there won’t be furth- uh -- fur- ..."
-- Jay Powell, verbatim, on inflation at the last post-FOMC meeting press conference.
Wall Street on Parade today read through the Fed’s Annual Report for 2020 and discovered a direct correlation between the Fed's deployment of large repo operations and the onset of a financial crisis. This occurred at the end of 1999, 2008, and in late 2019. (I predicted in October 2019 that the Fed's repo operations were nothing more than QE dressed in drag and that a financial crisis was brewing.
... Dispatch continues below ...
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Wall Street On Parade does the grunt work and it's worth reading their findings because the reverse repo operations certainly signal that something ominous is occurring behind the Fed's "curtain.”
In the context of the high correlation between repo loan spikes and financial system accidents, it makes the Fed's establishment of a $500 billion "standing" repo facility that is open to both domestic and foreign banks even more intriguing. ...
... For the remainder of the analysis:
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