AI-powered
podcast player
Listen to all your favourite podcasts with AI-powered features
5min chapter
Michael Howell: "QE Is Coming Back, Big Time"
Forward Guidance
The Positive Correlation Between Treasury Bill Issue and Global Liquidity
There's a positive correlation between treasury bill issuance and global liquidity that's somewhat paradoxical, because all things being equal, Treasury Bills drain liquidity from the system. Michael Bociurkiw: The federal reserve's balance sheet has actually declined with the exception of margin April and the bank term funding program and the discount window. He says if those funds come out of the reverse repo pool, then it's not a drain of fed liquidity. That inflection in September of last year, I think was triggered by the British guilt crisis," he adds.
00:00
Transcript
Episode notes
Get the Snipd
podcast app
Unlock the knowledge in podcasts with the podcast player of the future.
AI-powered
Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode
Save any
moment
Hear something you like? Tap your headphones to save it with AI-generated key takeaways
Share
& Export
Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more
AI-powered
podcast player
Listen to all your favourite podcasts with AI-powered features
Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode