The expiry of the supplementary lending ratio (SLR) at the end of March is key to this whole recent move. I suspect the banks knew some time ago that the Fed wouldn’t extend so they’ve been dumping assets everywhere (bonds, gold, tech stocks) just to raise the cash. Lucky there have been some punters out there willing to take it all on.
By the end of the month they should be back to normal SLR’s one would hope.
Ladies and Gentlemen that was the bottom yesterday, page-55
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