The Fed reduced its balance sheet by $29.1 billion this past week. It was the biggest $QT week thus far, but only $12.5 B in Treasuries, less than I anticipated. The S&P 500 lost 39 points.
While the S&P 500 is relatively correlated on a weekly basis, it hasn't tracked the Fed balance sheet over the longer-term, though it looks like a headwind. The Chinese yuan has tracked more closely.
The Supreme Court Hears Arguments on Social Media Pressure by Biden
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One of the claims on TikTok is that it might try to spread false news, or
influence the election, like what Senate Majority leader Chuck Schumer just
did t...
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