Situation of the economy

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Momentum crash, updated to 8 April 2025​

The declaration of war on the rest of the world triggered by the Donald's tariffs continues to wreak havoc. The financial markets are in turmoil ahead of the momentum crash! *** [Article reserved for Platinum, Gold and Premium subscribers] The decision to adopt the policy of tariff increases advocated by Stephen Miran is historic suicide for the Donald and for America, which is hard to understand... *** The Donald's declaration of war on the rest of the world by imposing additional tariffs on virtually all imports into the United States has sent Treasurys' yields soaring again after... plunging vertiginously during the last session of ...

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Momentum crash, updated to 12 April 2025​

The declaration of war on the rest of the world unleashed by The Donald's tariffs continues to wreak havoc ahead of the momentum crash but China's leaders are waging the global currency war to their advantage! *** [Article reserved for Platinum, Gold and Premium subscribers] The decision to adopt Stephen Miran's policy of raising tariffs is historic suicide for the Donald and for America, and it is also the starting point for China's strong and winning reaction against America... *** The Donald's declaration of war on the rest of the world by imposing additional tariffs on virtually all imports into the United States has sent yields plunging ...

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USA: major financial disorders: Repo (ON RRP), to 16 April 2025​

The US interbank market has not functioned normally since 2021 and banks have less and less liquidity, which should lead to serious financial turbulence in the near future...

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The US interbank market is no longer functioning normally because virtuous bankers with credit balances at the end of the day are refusing to lend their surplus cash to banksters with net debit balances, as was the usual practice until 2020.

The overnight liquidity held by US banks in the Fed's accounts has been falling since the end of May 2023 and has just reached a cycle low of $54.8 billion on 16 April, meaning that banks with surplus liquidity have less and less of it!

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The fall in these deposits clearly confirms that US banks have less and less surplus liquidity, which is particularly worrying given that the interbank market has not been functioning since the end of March 2021.

Focus on the recent period,

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This liquidity crisis began in April 2021 and peaked at the end of 2022,

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As a reminder, since the ON RRP data has been published, i.e. since the beginning of 2003, the US interbank market has always functioned normally, including during the Great Recession!

The banking crisis that is likely to occur should therefore have more serious consequences!

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Copy of the screen of today's ON RRP publication.

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What will the FOMC members do to resolve this banking and financial crisis?

The fun and games with The Donald are over!

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Click here to access the ON RRP data published by the government.

Click here to read my previous article on this subject.

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