If you think a -$74B net drain is bearish, wait until the corporate tax receipts start hitting the ledger mid-month.
The situation gets even tighter as we approach the March 15 corporate tax deadline. Historically, this triggers another massive spike in the TGA as cash moves from private bank accounts (reserves) into the Treasury’s vault. If you think a -$74B net drain is bearish, wait until the corporate tax receipts start hitting the ledger mid-month. …