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The War for Liquidity


March 30, 2020


There is an epic battle raging right now between the Federal Reserve and investors to maintain order in the mortgage backed securities (“MBS”) market. If this was Ali-Frazier, it wouldn’t be the “Thrilla in Manila”, but it might be the “Trillas for Villas” since the Fed has committed trillions of dollars to promote liquidity across the fixed income markets with a special focus on housing.   Before we get into what is happening these days, let us begin by describing the combatants, the importance of the playing field, and why you should care about the outcome.   In one corner, we have the Federal Reserve, the 90-year reigning champ of these battles.

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You Lose


February 25, 2020


There is an apocryphal story about President “Silent Cal” Coolidge in which a woman informs him that she has a large bet with a friend, the outcome of which hinges on whether she can get the President to say more than 2 words.

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