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What Happens Next In Repo? The World’s Biggest Interdealer Broker Explains

What Happens Next In Repo? The World’s Biggest Interdealer Broker Explains When it comes to the shady events in the shadow banking world of collateral assets and repurchase agreements, nobody does it better than interdealer broker, ICAP, which is not only intimately familiar with just how the Fed’s plumbing vision takes place in the real world, but also happens to be the go to firm for pricing on such suddenly critical market stress indicators as repurchase rates. And sure enough, it was none other than ICAP which first – correctly – said this morning when overnight G/C repo hit 10%… … that the Fed would announce its first repo hike in a decade, but also did so with alarming accuracy and detail, as the following note sent out by Icap’s Mike Derrico at 6:45am laid out: Tax Date Funding Squeeze:  Overnight System RPs? This week’s funding squeeze has raised a number of questions about the outlook for the Fed’s balance sheet.  We’re going to punt most of the longer-term questions because we want to focus this morning on one very short-term option that the Fed might consider:  for the first time in many years, we think it is at least conceivable that the Fed’s Open Market Desk this morning might arrange an overnight system RP with primary dealers of the sort that was commonplace before the expansion of the...

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As Kavanaugh Smear Unravels, Original Accuser’s ‘Witness’ Now Doubts Story 

As Kavanaugh Smear Unravels, Original Accuser’s ‘Witness’ Now Doubts Story  As the left-wing smear against Supreme Court Justice Brett Kavanaugh continues to unravel amid a journalistic malpractice scandal at the New York Times, original Kavanaugh accuser Christine Blasey Ford’s “lifelong friend” and alleged witness now doubts her story.  Leland Keyser, who Ford claimed was one of five people at a party in the 1980s where she says Kavanaugh sexually assaulted her, told New York Times reporters Robin Pogrebin and Kate Kelly “I don’t have any confidence in the story.”  NYT Journos Robin Pogrebin and Kate Kelly Keyser – who said she was pressured by Ford’s ex-FBI buddy to lie and say that she didn’t remember the party instead of saying that it never happened – originally said through her attorney that she “does not refute Dr. Ford’s account,” however “the simple and unchangeable truth is that she is unable to corroborate it because she has no recollection of the incident in question.” “I was told behind the scenes that certain things could spread about me if I didn’t comply,” Keyser told the Times journos – who felt it wasn’t notable enough for their smear article. Now, Keyser says she doesn’t believe Ford’s story at all.  “We spoke multiple times to Keyser, who also said that she didn’t recall that get-together or others like it,” wrote Pogrebin and Kelly in their new book, The Education of Brett Kavanaugh: An Investigation (yet another item that didn’t make it...

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Bitcoin Is A Hedge Against Gov’t “Fiscal Irresponsibility”, Analyst

Bitcoin Is A Hedge Against Gov’t “Fiscal Irresponsibility”, Analyst Authored by Marie Huillet via, Equities portfolio manager turned crypto fund executive Travis Kling has argued that Bitcoin has come into its own as a unique hedge within the current macroeconomic climate. image courtesy of CoinTelegraph In an interview with CNN on Sept. 15, Kling argued that the specific properties of Bitcoin make it an exceptional insurance policy against monetary and fiscal irresponsibility from central banks and governments globally. “Crypto has been created for such a time as this” Kling — a veteran of the multi-billion-dollar hedge fund Point72 —  outlined how his interest in cryptocurrencies had evolved over the course of Bitcoin’s decade-long history and how, as he garnered more knowledge, he had come to recognize the asset as being the “most significant investment opportunity of a generation.” While developments within the crypto markets may formerly have been isolated from the traditional financial sector, Kling argued that the latest, compelling evolution in Bitcoin’s identity is its present interaction with legacy markets. He said: “Now is an incredibly interesting time from a global macro perspective and […] it appears that crypto has been created for such a time as this. With what we have in terms of monetary and fiscal policies from central banks and governments, big tech overreach, government overreach, data privacy issues that are coming to the center of...

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‘Low-Flying’-Missiles Used In Aramco Attack Were Launched Inside Iran: Report

‘Low-Flying’-Missiles Used In Aramco Attack Were Launched Inside Iran: Report The US has reportedly traced the cruise missiles used during a weekend attack that crippled half of Saudi Aramco’s oil production back to their point of origin: Iran. Or at least that’s what one US official is telling CBS News. Many have argued that there’s zero upside for Iran in carrying out attacks like this (the region has also endured several attacks on oil tankers that have been blamed on Iran), but the US has insisted that Tehran was responsible for the attack, and that the missiles used were beyond the sophistication of Yemen’s Houthis, who had initially taken credit for the attacks. Senior US officials have told CBS they’ve identified the locations in Iran from which a combination of more than 20 drones and cruise missiles were launched against the Saudi oil facilities. They say the locations are in southern Iran at the northern end of the Persian Gulf. — Paul Danahar (@pdanahar) September 17, 2019 According to US sources, 17 missiles or drones were fired, not the 10 the Houthis claim. Cruise missiles may have been used, and some targets were hit on the west-northwest facing sides, which suggests the projectiles were fired from the north, from Iran or Iraq. Investigators have reportedly identified the exact location, purportedly in southern Iran, where a combination of more than...

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“Locked-And-Loaded” For War With Iran: Is Bolton’s Soul Living On?

“Locked-And-Loaded” For War With Iran: Is Bolton’s Soul Living On? Authored by Patrick Buchanan via, “Iran has launched an unprecedented attack on the world’s energy supply,” declared Secretary of State Mike Pompeo. Putting America’s credibility on the line, Pompeo accused Iran of carrying out the devastating attack on Saudi oil facilities that halted half of the kingdom’s oil production, 5.7 million barrels a day. On Sunday, President Donald Trump did not identify Iran as the attacking nation, but did appear, in a tweet, to back up the secretary of state: “There is reason to believe that we know the culprit, are locked and loaded depending on verification, but are waiting to hear from the Kingdom (of Saudi Arabia) as to who they believe was the cause of this attack and under what terms we would proceed!” Yemen’s Houthi rebels, who have been fighting Saudi Arabia for four years and have used drones to strike Saudi airport and oil facilities, claim they fired 10 drones from 500 kilometers away to carry out the strikes in retaliation for Saudi air and missile attacks. Pompeo dismissed their claim, “There is no evidence the attacks came from Yemen.” But while the Houthis claim credit, Iran denies all responsibility. Foreign Minister Mohammad Zarif says of Pompeo’s charge, that the U.S. has simply replaced a policy of “maximum pressure” with a policy of “maximum...

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