Cameras rolled as U.S. Federal Reserve Chair Jerome Powell dished out more accommodative rate cuts for his Wall Street masters on Wednesday...
... but he didn't say one word about the ongoing, extraordinary, and profoundly unsettling intervention in the "repo," or repurchasing markets.
We're three days into this silent crisis. It shows no signs of letting up. The Fed has pumped around $205 billion in emergency liquidity into this little-known but crucially important funding mechanism for banks - but it's been totally downplayed by the spinmeisters in the Marriner S. Eccles Building.
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25-year run as a hedge fund portfolio manager, family office chief investment officer, managing director and general counsel. Internationally recognized expert in credit and equity markets as well as macro risk management.