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[Politics] Sabato: Electoral College 'Exactly Split' Between Trump, Democrat The overall Electoral College ratings are now "exactly split," between President Donald Trump and the eventual Democratic presidential nominee at 248 electoral votes each, according to an analysis in Sabato's Crystal Ball Thursday.  9/19/2019 7:51:39 AM
[Entertainment] Lisa Vanderpump Slams Eileen Davidson for Calling Her Real Housewives Exit a "P---y Move" Lisa Vanderpump, Eileen DavidsonLisa Vanderpump has a few words for Eileen Davidson. The Real Housewives of Beverly Hills alumna clapped back at her former castmate for calling her decision to skip the reunion and...
9/19/2019 7:51:39 AM
[Entertainment] International Talk Like A Pirate Day: 5 fresh phrases that go far beyond ahoy Dead men tell no tales. But the live folks certainly do. We have your guide to five phrases that'll impress on International Talk Like a Pirate Day.
9/19/2019 7:51:39 AM
[Markets] Liquidity Shortage Getting Worse: Fed's Repo Oversubcribed Even More As Funding Demand Jumps Liquidity Shortage Getting Worse: Fed's Repo Oversubcribed Even More As Funding Demand Jumps

For those hoping that the funding crunch would ease on the third day after the overnight repo rate exploded as high as 10%, we have bad news: it did not.

As we warned earlier today, when we previewed the result of today's repo outcome, the only question would be whether the amount of bids submitted into today's operation would be higher or lower than yesterday's $80.05BN to get a sense of whether the funding pressure is easing. The answer: with $83.875 in total bids submitted, not only was the operation oversubscribed again, but the total liquidity shortfall rose by almost $4 billion compared to Wednesday morning.

Furthermore, the fact that the operation was again oversubscribed means that once again there was one or more participants who did not get up to €9 billion in the critical liquidity they needed, and that the Fed will see a chorus of demands by everyone (because like with the discount window, nobody will dare to be singled out) to either expand the size of its operations, implement a fixed operation and/or transition to permanent open market operations, i.e. QE, as Powell hinted he may do yesterday.

By comparison this is what yesterday's repo operation looked like:

Both of these are over 50% greater than the $53.15BN repo operation conducted on Tuesday.

What is immediately notable is that except for agency paper, there was a greater use of Treasury ($51.6N to $56.3BN) collateral, while Mortgage-backed dipped slightly ($27.8BN to $26.15BN). Additionally no agency paper was used as collateral in today's repo, down from Wednesday's $0.7BN.

We now await today's effective fed funds print to see if it will again print above the top of the range (2.00%), and whether the overnight repo rate will reverse its earlier drop as it is becomes clear that the funding crisis is not done by a long shot.

* * *


As the Fed pre-announced late on Wednesday, moments ago the New York Fed open markets desk started its daily overnight repo operation to provide liquidity to the financial system. It comes as funding markets appear to have settled down overnight, with the overnight general collateral repo rate opening at 2.25% before dropping as low as 1.95%-2.00% according to ICAP, while the SOFT rate dropping sharply from the mid-5% to 2.55%, which however remains quite elevated relative to the new Fed Funds range of 1.75%-2.00%

The market will be looking at the amount of repos tendered to the Fed and whether the operation will again be oversubscribed; as a reminder, on Tuesday the repo received $53BN in bids, which jumped 50% on Wednesday to just over $80BN, while the operation remains capped at $75BN. Should the total notional remain in this ballpark it will suggest that funding stress remains.

Tyler Durden Thu, 09/19/2019 - 08:25
9/19/2019 7:51:39 AM
[Markets] U.S. current-account deficit narrows 5.9% in second quarter The U.S. current-account deficit, a measure of the nation's debt to other countries, narrowed by 5.9% in the second quarter, the government said Thursday. The current-account deficit narrowed to $128.2 billion from a revised $136.2 billion in the first quarter. The narrowing of the deficit primarily reflected an expanded surplus of primary income, mostly increases in portfolio investments. The current account deficit was equal to 2.4% of GDP in the second quarter, down from 2.6% in the first quarter. This is well below the peak of 6.3% in 2005. 9/19/2019 7:51:39 AM
[Amazon] Amazon Shoppers Can Now Use Cash for Online Purchases Via PayCode Customers can pay for orders at Western Union with no fees attached. 9/19/2019 7:51:39 AM
[Politics] Anti-Israel Activist Voted Off Women’s March Board After Two Days

Zahra Billoo, who has been outspoken about her hatred of Israel and Memorial Day, was voted off the board of the Women's March Wednesday night after serving only two days. 

The post Anti-Israel Activist Voted Off Women’s March Board After Two Days appeared first on Washington Free Beacon.

9/19/2019 7:51:39 AM
[Markets] U.S. first-time unemployment claims rise to 208,000 U.S. first-time unemployment claims rise to 208,000 9/19/2019 7:51:39 AM
[bc40ae20-42c7-5010-b1ef-2977e5cd6456] Josh Turner tour bus carrying road crew crashes, killing one, injuring seven Turner and his band were not on the bus and were not injured. 9/19/2019 7:51:39 AM
[worldNews] UK Supreme Court hears attack on PM Johnson from ex-leader Major Boris Johnson's decision to suspend parliament in the run-up to Brexit will come under attack in Britain's Supreme Court on Thursday from one of his predecessors as prime minister and Conservative Party leader, John Major.
9/19/2019 7:51:39 AM
[World] Julianne Hough Returns to Music After Almost 10 Years With New Song "Transform" Julianne Hough, America's Got TalentJulianne Hough is back with new music! After almost 10 years, the America's Got Talent judge has debuted a new song, "Transform." The 31-year-old star premiered her new track...
9/19/2019 7:51:39 AM
[Europe] Google completes controversial takeover of DeepMind Health Google has completed a controversial take-over of the health division of its UK AI acquisition, DeepMind. The personnel move had been delayed as National Health Service (NHS) trusts considered whether to shift their existing DeepMind contracts — some for a clinical task management app, others involving predictive health AI research — to Google. In a […] 9/19/2019 7:51:39 AM
[Markets] Economic Report: U.S. jobless claims inch up in mid-September U.S. initial jobless claims, a rough way to measure layoffs, rose 2,000 to 208,000 in the seven days ended Sept. 14, the government said Thursday.
9/19/2019 7:51:39 AM
[World] Border Patrol agents interviewing families for 'credible fear,' instead of asylum officers

Border Patrol agents are training to take over "credible fear" interviews at family detention centers, part of the administration's push to have law enforcement screen asylum seekers instead of highly trained asylum officers.

9/19/2019 7:51:39 AM
[AAPL] Microsoft: $40 Billion To Nowhere 9/19/2019 7:22:05 AM
[Entertainment] How to spot invasive plants and remove them from your yard Gardening expert William Moss explains everything you need to do to clear your yard of invasive weeds.
9/19/2019 7:22:05 AM
[Right Column] ‘Trial of the century’ just poured cold water on ‘hockey stick’ legend Mann
9/19/2019 7:22:05 AM
[d7e40f1a-7c2f-5e42-8d5a-6d400dc666b9] Megan Fox had 'breakdown' after movie bombed, didn't feel supported by feminists Megan Fox revealed she suffered a breakdown after her 2009 film "Jennifer's Body" was critically panned and bombed at the box office. 9/19/2019 7:22:05 AM
[Markets] Iran diplomat warns of 'all-out war' if hit for Saudi attack Iran diplomat warns of 'all-out war' if hit for Saudi attack 9/19/2019 7:22:05 AM
[Uncategorized] BREAKING NEWS: Pilot trapped on a high-voltage line after Belgian F-16 crashes in France

Breaking news out of France: BREAKING: French authorities say a Belgian F-16 fighter jet has crashed in a populated area in western France and one of its pilots is caught on a high-voltage electricity line. — The Associated Press (@AP) September 19, 2019 According to reports, both pilots successfully ejected but one is now […]

The post BREAKING NEWS: Pilot trapped on a high-voltage line after Belgian F-16 crashes in France appeared first on

9/19/2019 7:22:05 AM
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