2021.09.26 00:22 AU5TXN Underrated🔥
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2021.09.26 00:22 SashaRoys Smile of Joy, me, digital
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2021.09.26 00:22 Nanachman My Super-hot Sauce: made from Reapers, Ghost, Infinity, Scotch Bonnets, Apocalypse, Snow White and Hungarian Wax
2021.09.26 00:22 WearingKapital William was funnier on drugs and alcohol
I think his sets sound way more prepared & rehearsed now and may be more consistent, but the unpredictableness of his sets when he was on drugs were more entertaining
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2021.09.26 00:22 Quintkat Any tips for making a fast interwar tank?
Hi! I don't have a lot of knowledge on how to increase the speed of your tank. I know to for example make the sprocket larger for higher speed, but for engines or transmissions I looked at https://steamcommunity.com/sharedfiles/filedetails/?id=2604808864 and used that as a general guideline. Those tricks don't seem to work for my interwar designs though, probably because there is a lot more to it, or I'm doing something wrong of course. I'm trying to make a BT-5 or BT-7 inspired tank, so a fast design is crucial (or should I see those as more early war?)
So I'd love to hear any tips you would want to give on increasing speed in the interwar era :D!
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2021.09.26 00:22 Grubtamarin SEPTEMBER 2021 - The best sites to earn cryptos online by performing easy tasks!
2021.09.26 00:22 doinglineswithtryst Who would you start? FLX NON PPR
2021.09.26 00:22 Desperate_Yam_351 Missing club involvement in the extracurricular section
So, I was not part of any medical-related clubs/organizations during my undergraduate. I spent my undergraduate years studying, working as TAs, playing intramural sports, and clowning around. I was wondering whether being a staff/board member of the club is a must or is it supplemented or replaced by other activities that show leadership and passion for medicine?
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2021.09.26 00:22 mynamehere875 women
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2021.09.26 00:22 SacredYT Is there anyone online who could let me get a couple kills off of them?
2021.09.26 00:22 praha_the_botv 裕司‧威爾斯(ウェルシュ) @sdcg00 「ママ～！」 #できたてころね #絵かゆ #みおーん絵
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2021.09.26 00:22 KeepThemmunsOut V3 switchover only a couple of weeks away
V2 is being retired in a couple of weeks yet many v2 sites are still not publicising v3 links and most of the link lists out there are still referencing v2 links only for most/all sites.
What's going on ?
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2021.09.26 00:22 Briraz10 I hate that October is close.
2021.09.26 00:22 ShadowZentas Looking for ditto safari! but will add EVERYONe
2021.09.26 00:22 ricfr_ hey guys can you help me with something? could you tell me some snippets of songs that you think match this photo?? thanks
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2021.09.26 00:22 RamaSenju Hokage Nepotism
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2021.09.26 00:22 MillennialBets Overnight Reverse Repurchase Agreements - What are they & Why its Holdings are Growing
Date: 2021-09-25 12:11:07, Author: u/KerazD15, (Karma: 2034, Created:May-2019)
SubReddit: stockmarket, DD Click Here
Tickers mentioned in this post:
Overnight Reverse Repo Markets
What has been going on with the Overnight Reverse Repo Markets? We have watched holdings go from $500B to $1T+. A lot of market subs are following this ever growing number but I also feel that many are just under the general consensus of it being Hedge Funds because at this point in time they are a main focal point to a retail investor. Below I present an overall market hypothesis that I have put some serious time into working through - only depicting what is occurring and trying to be less than speculative. There are so many variables that could impact the economy and equities markets right now that trying to pinpoint anything in particular would be deviating from the point of this.
If anyone has any further insight to what the below is going to end in, I would enjoy the idea. I have a few different outcomes in mind but that can be a later post or edit.
What is a Reverse Repurchase Agreement?
“Repos allow one firm to sell a security to another firm with a simultaneous promise to buy the security back at a later date, often the next day, at a specified price. The difference between the sale and repurchase price of the security reflects the implied interest rate. The economic effect of this transaction is similar to that of a collateralized loan. The cash investor in a repo receives securities as collateral to protect her against the risk that the counterparty is unable to repurchase the securities at the agreed date. The market value of collateral typically exceeds the amount of cash invested in a repo by an agreed-upon margin. Primer: Money Market Funds and the Repo Market - Viktoria Baklanova, Isaac Kuznits, Trevor Tatum1
The repo market plays a key role in facilitating the flow of cash and securities in the financial system. It allows market participants to access low cost secured financing to purchase securities, supports dealers’ market-making activities, and enables leveraged investors such as hedge funds to finance their trading strategies, contributing to price discovery and more efficient allocation of capital. The repo market also offers institutional investors such as asset managers, MMFs, and corporations with undeployed cash balances an option to invest cash on a secured basis. Additionally, repos and reverse repos are often carried out by the Federal Reserve in order to temporarily provide liquidity to (or remove liquidity from) the financial system to support implementation of monetary policy and to promote financial stability…”
This week the Fed announced they are raising the counterparty maximum contribution to the Overnight Repo Markets. This is pretty much saying there will be new all time highs and more frequent all time highs occurring as they try to remove risk and protect cash by using the Repo markets as a store of value.
Fed doubles daily counterparty limit for overnight reverse repos
Below depicts the transaction process of a Reverse Repurchase Agreement. A regular Repurchase Agreement would be the opposite; cash flowing from the Federal Reserve to Counterparties and U.S. Treasury Securities flowing from Counterparties to the Federal Reserve.
Reverse Repo Transaction
Counterparties are any financial holding institutions recognized by the Federal Reserve. Criteria is as follows:
Eligibility criteria In order to be eligible to become a reverse repo counterparty, a firm must be either: - A state or federally chartered bank or savings association (or a state or federally licensed branch or agency of a foreign bank) with total assets equal to or greater than $30 billion, or reserve balances equal to or greater than $10 billion on the last quarter for which relevant FFIEC reports are available; or - A government-sponsored enterprise; or - An SEC-registered 2a-7 fund that has, measured at each month-end for the most recent six consecutive months, either net assets of no less than $2 billion or an average outstanding amount of RRP transactions of no less than $500 million. https://www.newyorkfed.org/markets/rrp_counterparties
U.S. Treasury Securities:
- T-Bonds: are essentially identical to T-Notes except that they mature in 30 years. T-Bonds are also issued at and mature at a $100 par value and pay interest semiannually. Treasury bonds are auctioned monthly.
- T-Notes: These notes represent the middle range of maturities in the treasury family, with maturity terms of 2, 3, 5, 7 and 10 years currently available. The Treasury auctions 2-year notes, 3-year notes, 5-year notes, and 7-year notes every month.
- T-Bills: These have the shortest range of maturities of all government bonds. Among bills auctioned on a regular schedule, there are five terms: 4 weeks, 8 weeks, 13 weeks, 26 weeks, and 52 weeks. Another bill, the cash management bill, isn't auctioned on a regular schedule. It is issued in variable terms, usually of only a matter of days.2 These are the only types of treasury security found in both the capital and money markets.
Treasury Securities determine the interest rates, as value for securities fall the yield on the securities increases and vice versa.
Let's look into the updated website, and the information it provides. I saw a post about the amount of Mortgage-Backed-Securities the depository is holding onto which is what initially spawned my curiosity. https://www.newyorkfed.org/markets/data-hub
Most Recent Reverse Repurchase Total
Domestic Holdings of the Federal Reserve
The interesting stuff:
Take note of a few things from the above; US T-Bill & Mortgage-Backed Securities (MBS). Why does the Fed hold so many MBS? The Fed has been buying MBS since March 2020. MBS are a type of bond that largely determines mortgage rates. And when there is money flowing into MBS such as the $40 billion per month the Fed is contributing, interest rates go down. The Federal Reserve currently owns MBS worth more than $2.5 trillion, which has distorted the mortgage market drawing down rates below the 3% threshold and keeping them there throughout 2021.
I know we follow inflation and the impact it could have on our stonk - so it would be negligent not to point out the economic indicators the Fed uses to display the illusion of inflation being non-existent. What have you heard our boy Powell talk about the most - GDP I would say. This makes the point that homeownership accounts for 15% of Total GDP - that much more interesting.
MBS are bonds - these bonds have a perceived risk depending on their ratings. When banks can’t carry that perceived risk or choose not to - they sell the mortgages to Tranches. Tranches are just a ‘pool’ of similar investments. The Tranches then issues bonds that are leveraged against the income provided through the mortgage payments.
The Fed purchasing massive amounts of MBS highlights the fact that following COVID they were extremely concerned about the housing markets and rates. If people were losing homes and jobs things would turn south quicker than they originally had. Thus they were able to keep interest rates low - feed consumer pockets and stimulate the housing markets.
Quantitative Easing = Fed purchasing assets (US Treasury Securities, MBS, etc)
Tapering = Fed selling assets and de-leveraging their balance sheets.
So knowing the above - when the Fed decides to announce tapering and starts removing MBS from their balance sheet what effect should come from it? Interest Rates will go up on loans, credit cards, personal lines of credit, and mortgage rates.
We can see that the purchasing of assets by the Fed is done to mainly control interest rates, and provide economic relief in times of hardship such as post COVID recession.
Looking at banks:
Banks make money by signing up clients to loans and leases. That is how banks generate their revenue, so being that we have had a mass inflow of capital into the pockets of consumers we should be able to assume that the banks are having trouble putting assets on their balance sheets. Customer deposits are identified as liabilities on a financial institution's balance sheet. Instead of assuming let's look at data:
Deposit to Loan Divergence
Clearly the chart above depicts the divergence in Deposits to Loans. More deposits = more liabilities with declining assets (Loans). So what would banks start to do with those that deposit large amounts of funds - they would tell them to store these deposits elsewhere. Elsewhere is better defined as Money Market Funds. The more deposits a bank has, means the more Regulatory Capital necessary to be posted with the Fed. Knowing all of this, what is this telling us about the viability of banks right now?
Money Market Funds:
Below are the asset totals of MMF since 2008 with a 59% increase since just prior to Jan ‘19
MMF’s offer a low risk/return on their holdings. The best way described is you put $1 into it and you receive $1 in compensation in return. Banks are directing the corporate accounts to start using MMF’s to store excess capital and this is because MMF offer the low risk option to store large amounts of money in - and they can offer this low risk because they use the safest form of assets which are T-Bills. Typically these MMF’s would be able to go to private lenders to purchase these but as of recently T-Bills have become more of a hard to find commodity.
“The U.S. Federal Reserve has significantly ramped up its holdings of Treasury securities as part of a broader effort to counteract the economic impact of the coronavirus (COVID-19) pandemic. Currently, the Federal Reserve holds more Treasury notes and bonds than ever before. As of July 14, 2021, the Federal Reserve has a portfolio totaling $8.3 trillion in assets, an increase of about $3.6 trillion since March 18, 2020. Longer-term Treasury notes and bonds (excluding inflation-indexed securities) comprise nearly two-thirds of that expansion, with holdings of those two types of securities doubling from $2.2 trillion on March 18, 2020, to $4.5 trillion on July 14, 2021. The Federal Reserve’s purchase of longer-term Treasury securities is part of their efforts to support the economy through quantitative easing. Those purchases inject money into the economy to lower interest rates and therefore encourage lending and investment…” https://www.pgpf.org/blog/2021/07/the-federal-reserve-holds-more-treasury-notes-and-bonds-than-ever-before
If you were unable to find T-Bills within the private markets, your next move would be to go to the holding tank for those T-Bills - The Federal Reserve. Money Market Funds are flocking into the Reverse Repo Markets because of a shortage of T-Bills. Banks are in dire need to enlist clients into loans, but with low interest rates that will make their jobs harder than they already are. We are currently coming to an inflection point with the debt ceiling. If funding is not secured then the United States faces a paramount crisis resulting in defaulting on national debt (never before occurred) and a government shutdown would occur not long after. The impacts of defaulting mean Interest Rates go up, Student Loan Payments cease, The US Dollar is no longer the “world's currency”, and equity markets become subject to a massive sell-off.
u/Its-Waves posts the Daily Treasury Statement - and it is important we understand this difference.
The Federal Reserve - acts as the government's banker, processing transactions. These include accepting electronic payments for Social Security taxes, issuing payroll checks to government employees, and clearing checks for tax payments and other government receivables.
The U.S. Treasury - The real money printer is contained here. The Federal Reserve works with the Treasury and advises them on time to flip the printer on or off among various other interworking relationships.
The Daily Treasury Statement is just that - how much money we have left in the United States until we are broke. This is where the Debt Ceiling comes into play and how all of these are intertwined. Now I am still writing a conclusion to this. Trying to piece as many things together as I can - but I thought this would help clarify what we are seeing with these numbers.
Lots of moving parts and things to tie down and together. We are absolutely at a pivotal point in our national and world economies.
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2021.09.26 00:22 saij892 yah yah yah
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2021.09.26 00:22 RosepetalBones15 Ghost of the Highlands Pt2
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2021.09.26 00:22 Ok_Independence_1832 Kali Roses
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2021.09.26 00:22 rickitickitavibitch She didn't want to go to bed...
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2021.09.26 00:22 marleysbuscuittin Guess mine and my mums age
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2021.09.26 00:22 CuriesGhost I saw this sign at the airport.
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2021.09.26 00:22 Solizza ? Yall hear sumn ?
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