Plumbing Notes: A Faulty Relief Valve

why the Fed's new relief valve won't be the major booster of U.S. Treasury demand

Dec 9 • Conks

103

8

17

Plumbing Notes: Swifter Injections

the Fed is priced to pull the trigger sooner rather than later

Dec 5 • Conks

122

8

9

Plumbing Notes: The Repo Fortification

how the Fed will strengthen its fragile "upper jaw"

Dec 3 • Conks

61

1

8

November 2025

Plumbing Notes: The Post-QT Era

the Fed's balance sheet "winter" is coming to an end

Nov 25 • Conks

85

2

11

Plumbing Notes: The Basis Trade Scare

the latest on the most systemically important bond market trade

Nov 17 • Conks

96

2

15

Plumbing Notes: It's Not QE

the mechanics behind the Fed's coming balance sheet "bazooka"

Nov 10 • Conks

124

6

14

October 2025

Plumbing Notes: The QT Enigma

enough funding alarm bells have chimed, with the Fed set to announce or initiate its next plumbing put. the enigma, however, is deciding when to unleash…

Oct 27 • Conks

97

6

16

Infographics: The Fed Funds "Liquidity Booster"

how smaller banks can game regulatory ratios by tapping the fed funds market

Oct 16 • Conks

56

6

4

Infographics: The Fed's Target Rate Evolution

an overview of the flows/trades that fuel the Fed's current (& future) target rate

Oct 12 • Conks

42

2

3

Infographics: The Fed Funds Arbitrage Complex

an overview of the plumbing & flows involved in interbank (o/n FF) arbitrage trades

Oct 11 • Conks

46

5

4

Plumbing Notes: Takeoff Begins

as the "takeoff" of ultra-short-end rates begins, a "landing" likely in the form of QT ending will follow, just as the Fed unofficially sets in motion…

Oct 7 • Conks

62

4

9

September 2025

The Fed's Reckoning: Part II

money market interlinkages and the coming central bank put

Sep 30 • Conks

78

4

6