Wow! York County, Pennsylvania, received THOUSANDS of potentially FRAUDULENT Voter Registration Forms and Mail-In Ballot Applications from a third party group. This is on top of Lancaster County being caught with 2600 Fake Ballots and Forms, all written by the same person. Really bad “stuff.” WHAT IS GOING ON IN PENNSYLVANIA??? Law Enforcement must do their job, immediately!!! WOW!!!
FEDERAL RESERVE BALANCE SHEET UPDATE⚠️
In the week ending April 19th:
1. The Federal Reserve's total balance sheet decreased by $21.5 billion, now standing at $8.593 trillion
2. US financial institution emergency borrowing INCREASED by $4.4 billion to $143.9 billion
3. Discount window (DW) borrowing INCREASED by $2.3 billion, now at $69.9 billion
• The DW is known as the 'lender of last resort' and is a means by which financial institutions can borrow money from the Fed for up to 90 days by posting collateral (usually in the form of US treasury bonds, agency MBS, etc) to fulfil emergency liquidity needs
4. Borrowing via the Bank Term Funding Program (BTFP) INCREASED by $2.15 billion, now at $74 billion. Worth noting that this is the first decrease in use of the BTFP since its inception during the banking crisis.
• Created in March in response to the banking sector troubles the BTFP is another means by which banks can borrow from the Fed in an emergency. They post collateral and the Fed values it at par value, meaning they will ignore any price fluctuations since purchase. This means banks are not forced to sell underwater portfolios and realise massive losses
5. Borrowing via the Fed's Foreign and International Monetary Authorities (FIMA) repo facility fell to $20 billion from $30 billion
• FIMA allows short term lending of dollars to foreign central banks who then lend to banks within their country, providing dollar liquidity. They must post US treasuries as collateral.
A bit of a plot twist as emergency borrowing increases within US financial institutions. Nothing like the spike we saw at the start of the trouble in the banking sector but not the steady decline that had been anticipated by many.
Why this sudden meltdown in bank stocks?
A couple of interesting theories and charts are doing the rounds, so let's have a look under the hood.
A thread.
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