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News
Fed Repo Facility Sinks Below $1 Trillion as Bills Stand Out
The amount of money that investors are parking at a major Federal Reserve facility dropped below $1 trillion for the first time in more than two years. A total of 94 participants on Thursday put a combined $993 billion at the Fed’s overnight reverse repurchase agreement facility, used by banks, government sponsored enterprises and money-market mutual funds to earn interest. It marks a steep decline from a record $2.554 trillion stashed on Dec. 30 and is the smallest sum since August 2021. “It’s a big number,” said Deutsche Bank strategist Steven Zeng, referring to the decline past $1 trillion. “I can see it falling further with dealers owning so much of the new bond.”
There's No Easy Way Out of This Debt Spiral
We're about six weeks into fiscal year 2024, but if this year looks anything like last year, we can assume the federal government will continue to pile up debt at astonishing rates. According to the September Monthly Treasury report, the US government accumulated an additional 1.7 trillion dollars in debt for the 2023 fiscal year, which ended October 31. That' up by $319 billion, or 23 percent, from the 2022 fiscal year. As recently as June, budget-watchers had estimated the year-end deficit would be $1.5 trillion, but deficits quickly added on an unexpected $200 billion by years' end: The pace of increase, however, may have been even higher than 23 percent. As CNN noted, the $1.7 trillion number may reflect some creative accounting.
Warren Buffett Privately Traded in Stocks Berkshire Hathaway Invested In
Buffett has long said such trading would be a conflict of interest, and Berkshire policies prohibit it. But confidential records show that, on at least three occasions, he sold millions of dollars of shares in stocks that Berkshire was trading. It was the kind of endorsement most companies dream of. Berkshire Hathaway CEO Warren Buffett, the legendary investor known as the Oracle of Omaha, repeatedly sang the praises of Wells Fargo in an interview with Fortune. The bank, Buffett said, “has come closer” to an effective business model “than any other big bank by some margin.” He detailed the ways in which Wells Fargo was more valuable than it seemed and compared its chair to Walmart founder Sam Walton.
Powell calls Fed policy 'restrictive,' but keeping options open
Federal Reserve Chair Jay Powell said Thursday that monetary policy is in "restrictive territory" and putting downward pressure on inflation, but he also made it clear the central bank is keeping its options for more interest rate hikes on the table. "If it becomes appropriate to tighten policy further, we will not hesitate to do so," Powell said in a speech before the International Monetary Fund in Washington. The Fed chair emphasized in his speech, which was interrupted briefly by climate protesters, that the central bank would take a "meeting by meeting" approach and cautioned on not overreacting to economic data, good or bad.