To Survive a War, You Gotta Become a War – Jerome “Rambo” Powell? In another example of the Fed flexing their unlimited ammo muscles, they announced another repo facility and a VERY important one in our opinion. A) It lowers global US$ scarcity risk and B) alleviates upward pressure on USD (perhaps an unintended but +ve consequence). The window is open to north of 250 central banks/int’l monetary authorities and they can exchange their Treasury holdings for US$ at a rate of IOER +25bps overnight. Chairman Jer-ambo isn’t playing around…
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