{"id":41372,"date":"2023-03-25T07:53:43","date_gmt":"2023-03-25T07:53:43","guid":{"rendered":"https:\/\/thepatientinvestor.com\/?p=41372"},"modified":"2023-03-25T07:53:43","modified_gmt":"2023-03-25T07:53:43","slug":"luke-gromen-another-ust-bailout","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2023\/03\/25\/luke-gromen-another-ust-bailout\/","title":{"rendered":"Luke Gromen | Another UST Bailout"},"content":{"rendered":"

Luke Gromen’s FFTT newsletter<\/a> quotes this March 19 article from Bloomberg<\/a>:<\/p>\n

Fed and five global Central Banks announce move to boost USD funding<\/em><\/strong><\/p>\n

The Federal Reserve and five other central banks announced coordinated action Sunday to boost liquidity in US dollar swap arrangements, the latest effort by policymakers to ease growing strains in the global financial system.<\/p>\n

Central banks involved in the dollar swaps will \u201cincrease the frequency of 7-day maturity operations from weekly to daily,\u201d the Fed said in a statement coordinated with the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank and the Swiss National Bank.<\/em><\/p><\/blockquote>\n

Gromen points out that the likely purpose of the swap lines are to forestall foreign sales of US Treasuries.<\/p>\n

Foreigners short [of] USDs have up to $7.3T in USTs they can sell into a UST market that could not withstand $450B of foreign selling without becoming dysfunctional in 2022. As such, the USD swap lines were at their core, another de facto UST market bailout, the fourth such bailout in the past 3.5 years (Sep-19, Mar-20, Sep-22, Mar-23).<\/p><\/blockquote>\n

Conclusion<\/h2>\n

Foreign investors hold $7.3 trillion of US Treasuries.<\/p>\n

\"Foreign<\/p>\n

Long-term investors like the Bank of Japan have recently been sellers to support the falling Japanese Yen. Treasury Secretary Janet Yellen in recent months expressed concern about the lack of liquidity in Treasury markets. Swap lines between the Fed and other central banks may boost USD liquidity but also forestall sales of US Treasuries into an illiquid market by foreign central banks.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Luke Gromen’s FFTT newsletter quotes this March 19 article from Bloomberg: Fed and five global Central Banks announce move to boost USD funding The Federal Reserve and five other central banks announced coordinated action Sunday to boost liquidity in US dollar swap arrangements, the latest effort by policymakers to ease growing strains in the global … <\/p>\n

Continue reading “Luke Gromen | Another UST Bailout”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-41372","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\nLuke Gromen | Another UST Bailout - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Luke Gromen | Another UST Bailout - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Luke Gromen’s FFTT newsletter quotes this March 19 article from Bloomberg: Fed and five global Central Banks announce move to boost USD funding The Federal Reserve and five other central banks announced coordinated action Sunday to boost liquidity in US dollar swap arrangements, the latest effort by policymakers to ease growing strains in the global … Continue reading "Luke Gromen | Another UST Bailout"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2023\/03\/25\/luke-gromen-another-ust-bailout\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:author\" content=\"https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-25T07:53:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.incrediblecharts.com\/images\/2023\/2023-03-24-ust-foreign.png\" \/>\n<meta name=\"author\" content=\"Colin Twiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Colin Twiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2023\/03\/25\/luke-gromen-another-ust-bailout\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2023\/03\/25\/luke-gromen-another-ust-bailout\/\"},\"author\":{\"name\":\"Colin Twiggs\",\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/person\/d42b18d516a80149d739845749ac6454\"},\"headline\":\"Luke Gromen | Another UST Bailout\",\"datePublished\":\"2023-03-25T07:53:43+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2023\/03\/25\/luke-gromen-another-ust-bailout\/\"},\"wordCount\":256,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2023\/03\/25\/luke-gromen-another-ust-bailout\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.incrediblecharts.com\/images\/2023\/2023-03-24-ust-foreign.png\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2023\/03\/25\/luke-gromen-another-ust-bailout\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2023\/03\/25\/luke-gromen-another-ust-bailout\/\",\"url\":\"https:\/\/thepatientinvestor.com\/index.php\/2023\/03\/25\/luke-gromen-another-ust-bailout\/\",\"name\":\"Luke Gromen | Another UST Bailout - 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The primary reason is an uplift in central bank purchases, exceeding 400 tonnes in each of the last two quarters. Economist Daniel Lacalle attributes the increase to central banks moving to protect their balance sheets from\u2026","rel":"","context":"In "Gold & Precious Metals"","block_context":{"text":"Gold & Precious Metals","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/gold-commodities\/gold-precious-metals\/"},"img":{"alt_text":"Gold: Central Bank Purchases","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-01-31-gold-cb.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-01-31-gold-cb.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-01-31-gold-cb.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":51856,"url":"https:\/\/thepatientinvestor.com\/index.php\/2024\/04\/26\/fears-of-fed-qe-boost-gold-and-ust-yields\/","url_meta":{"origin":41372,"position":1},"title":"Fears of Fed QE boost Gold and UST yields","author":"Colin Twiggs","date":"April 26, 2024","format":false,"excerpt":"The S&P 500 is headed for another test of resistance at 5100, judging by Thursday's blue candle. Breakout would signal an advance to 5250. Respect is less likely but would warn of a decline to test support at 4800. Bitcoin retraced to test its new support level at $64K. Respect\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"S&P 500","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-04-25-spx.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-04-25-spx.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-04-25-spx.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":2465,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/30\/central-banks-take-coordinated-action-wsj-com\/","url_meta":{"origin":41372,"position":2},"title":"Central Banks Take Coordinated Action – WSJ.com","author":"ColinTwiggs","date":"November 30, 2011","format":false,"excerpt":"WASHINGTON \u2014 The world's major central banks launched a joint action to provide cheap, emergency U.S. dollar loans to banks in Europe and elsewhere, a sign of growing alarm among policy makers about stresses in Europe and in the global financial system. The Fed, ECB and other central banks took\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":61720,"url":"https:\/\/thepatientinvestor.com\/index.php\/2025\/05\/21\/why-is-high-debt-different-now-v-prior-instances-of-people-fear-mongering-about-the-debt-luke-gromen\/","url_meta":{"origin":41372,"position":3},"title":"Why high US debt is not \u201cfearmongering\u201d | Luke Gromen","author":"Colin Twiggs","date":"May 21, 2025","format":false,"excerpt":"An interesting response from Luke Gromen to a reader's question: Why is high debt different now v. prior instances of people \u201cfear-mongering\u201d about the debt? https:\/\/youtu.be\/rP9ITPewPqs?si=NTchWMF1UIMI227W&t=144 Watch from 2:24 to 7:20 Summary It has happened before: debt blew up in the 1970s, bondholders got destroyed, and gold grew 20X In\u2026","rel":"","context":"In "Debt Levels"","block_context":{"text":"Debt Levels","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/debt-levels\/"},"img":{"alt_text":"Total Fiscal Receipts & Spending (October 2024 - April 2025)","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-05-21-fiscalspending2.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-05-21-fiscalspending2.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-05-21-fiscalspending2.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":23714,"url":"https:\/\/thepatientinvestor.com\/index.php\/2021\/01\/16\/gold-silver-futures-and-central-bank-reserves\/","url_meta":{"origin":41372,"position":4},"title":"Gold, Silver, futures and central bank reserves","author":"Colin Twiggs","date":"January 16, 2021","format":false,"excerpt":"The 10-Year TIPS yield steadied at -0.94% on January 14th. Breach of support at -1.08% would indicate another decline in real Treasury yields. Breakout of the 15+ Year PIMCO TIPS ETF (LTPZ) above resistance at 89 would flag falling real interest rates -- a strong bull signal for precious metals.\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":62068,"url":"https:\/\/thepatientinvestor.com\/index.php\/2025\/06\/26\/powell-trump-and-the-dollar\/","url_meta":{"origin":41372,"position":5},"title":"Powell, Trump, and the Dollar","author":"Colin Twiggs","date":"June 26, 2025","format":false,"excerpt":"Fed Chair Jerome Powell delivered his semiannual monetary policy report to the Congressional Committee on Financial Services. In a nutshell: The economy remains solid The labor market remains solid Inflation remains \"somewhat elevated\" compared to the Fed's 2% target Increases in tariffs this year are likely to push up prices\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"Fed Chair Jerome Powell","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/powell2.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/41372","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=41372"}],"version-history":[{"count":1,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/41372\/revisions"}],"predecessor-version":[{"id":41373,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/41372\/revisions\/41373"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=41372"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=41372"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=41372"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}