Ruben Aganbegyan

[Marina @BesseIFunction]

Some of Feb 🩷🌸🐶

[Cassandra Unchained @michaeljburry]

So the Fed is now buying Treasuries again. $40 billion of bills a month...@FTAlphaville covers it well. And with a sense of humor - Sure John LOL. And we have a "new" acronym to learn RMPs - Reserve Management Purchases. The last line of the article is notable.

“However, given the stubbornness of the recent repo market volatility, Alphaville would be surprised if the Fed doesn’t unveil a dose of “temporary open market operations” before then — just to make sure Christmas isn’t ruined by an end of year funding crunch shitshow.”

I would add that if the US Banking system can’t function without $3+ trillion in reserves/life support from the Fed, that is not a sign of strength but a sign of fragility.

It was $2.2 trillion pre-2023 banking crisis. The temporary BTFP support became load-bearing. In 2007 it was $45 Billion with a B. That reserve level might grow with the economy, but the economy sure isn’t doing that well.

So I’d say US Banks are getting weaker way too fast.

Seems that after every crisis now the Fed needs to expand its balance sheet permanently or guarantee a bank funding crisis. No wonder stocks are doing well.

On CNBC you’ll hear recommendations to buy bank stocks because they are so overcapitalized and the economy is improving, but I don’t. In general, for amounts over the $250K FDIC limit, I keep cash in Treasury Money Market Funds.

The practical limit of this might be full nationalization of the US bond market - the Fed owns all $40 trillion US debt. So party on, I guess.

Bonus if you caught this too - the US Treasury has been tilting its sales toward short-term Bills to avoid driving 10 year rates up. So the Fed's focus on buying Bills is awfully convenient.

The Fed and the US Treasury sittin' in a tree
K I S S...

RIP QT; long live ‘reserve management purchases’ https://t.co/QHAGHH2B4t via @FinancialTimes

[Cassandra Unchained @michaeljburry]

2025 study, 2020 tweet, my first and last words on COVID.

https://t.co/RrDQpEtFex

[Ruben Aganbegyan @rubaga]

I beat the Ace on #braap with a time of 0:18.064 playing #madskillsmx2 https://t.co/Ld2OVAY0ID

[Ruben Aganbegyan @rubaga]

I failed to beat the Ace on #braap with a time of 0:28.507 playing #madskillsmx2 https://t.co/Ld2OVAY0ID

[Кавджарадзе Максим @kavdjaradze]

У Комиссии при Президенте РФ по вопросам развития авиации общего назначения теперь есть свой аккаунт: https://t.co/zPgeloijD1

[AON @RUSCOMAVION]

И.Левитин провел заседание Комиссии по вопросам развития авиации общего назначения https://t.co/Eh10ervpMb

[AON @RUSCOMAVION]

Уважаемые члены Комиссии и эксперты!Рады вас приветствовать на нашем твиттер-аккаунте.Присоединяйтесь к нам и будьте в курсе событий!

[Ruben Aganbegyan @rubaga]

@AKomissarov Спасибо)))

[Ruben Aganbegyan @rubaga]

@VRSoloviev http://t.co/Q0ckbSMQeb

[Ruben Aganbegyan @rubaga]

@Vorobievaya Ага! Все туда!

[Ruben Aganbegyan @rubaga]

@v_saveliev Виталий!!! С днем рождения!!! Счастья, здоровья, успехов!

[Ruben Aganbegyan @rubaga]

@Igor_Saprykin вам спасибо, что слушали

[Ruben Aganbegyan @rubaga]

@Igor_Saprykin спасибо!

[Ruben Aganbegyan @rubaga]

@_marsi :)

[Alexey Loukovenko @ALoukovenko]

Innovation in Russia: Can Russia create a new Silicon Valley? | The Economist http://t.co/5oZGmUT6

[Ruben Aganbegyan @rubaga]

@nosarik согласились :)

[Ruben Aganbegyan @rubaga]

@NES1992 это очень плохо!

[Ruben Aganbegyan @rubaga]

@McFaul happy birthday!

[Ruben Aganbegyan @rubaga]

@nosarik неплохой подбор машин :)