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Jurrien Timmer: The Trade For A 2023 Recession

The Macro Trading Floor

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The Fed's Getting Started With a Tightening of the Reserves

The Fed actually transferred money every week to the u.s. Treasury as part of their surplus. But now it's vice versa, right? They pay a lot more in interest than they earn Due to interest on excess reserves being much higher than the average bond deal On their asset side, right? And this is a growing problem Um it's not necessarily an issue for the Fed but what we need to remember is that this is effectively a liquidity addition every month.

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