Where is the money going?

According to the Federal Reserve, money market fund holdings of households has declined by about $380 billion since the end of 2008. (According to AMG, all money market mutual funds—institutional and retail—have posted net outflows of about…

A Flock of Fed Funds Forecasts

A post by Annaly Capital Management. There has been some chatter recently on the direction of traditional monetary policy (i.e., the Federal Reserve changing the Fed Funds target rate to influence the availability and cost of money and…

Delta in the Value of a Promise

By Annaly Capital Management. What is a dollar? As far as we can tell, there is no legal definition of what it is, no statement that begins, “The dollar is…” Instead, the dollar is something that is defined by other things. When the…

On Turning a Mountain Into a Molehill

By Annaly Capital Management. We’ve made no secret of our love for the Federal Reserve’s Z.1 Flow of Funds report. The only thing more amazing than the impressive volume of data in the release is the lack of coverage it receives by the…

The Financial Crisis Is Not Over

The June Monthly Commentary By Annaly Capital Management. The Economy: The financial crisis is not over The Residential Mortgage Market: The tale of "fails" in the mortgage market The Commercial Mortgage Market:…

Debt Growth Drives GDP Growth

By Annaly Salvos. We breathlessly await the release of the next Z.1 from the Federal Reserve on June 10 to check on a number of things, such as the change in the amount of equity in the average American’s home in the first quarter, but we…

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