Lions and friends…
Today’s sale of 3-year Treasury notes was met with low demand, with *primary dealers forced to take on a large portion of the treasury sale to make up for a lack of bidders.
*Primary dealers are trading counterparties of the New York Fed in its implementation of monetary policy. Primary dealers are expected to make markets for the New York Fed on behalf of its *official accountholders.
*Official accountholders for the NY Fed. are the U.S. government, foreign governments, other central banks, and official international organizations.
Once the first rate cut happens the dollars gonna fall off a cliff. It makes me almost sick that everyone’s just going about their business meanwhile we’re probably a few months away from a currency crisis. People think the cost of living is high now... they’re not gonna believe what’s to come
Absolutely no surprise here.