tyb
BOXER45 USAF C-40C departed JBA west
This AC arrived at JBA from Hickam AFB, Oahu last night-see linky on ze German AC
>>52322 pb
Australian AF ASY304 Dassault Falcon 7X also departed JBA and wn
See above linky for background on this AC prior to JBA arrival on 0510
>>52937 pb
German AF GAF906 Airbus A340 departed Las Vegas-McCarran Int'l after an overnight and arrival from Dulles Int'l
Avantor, Inc. sold by Goldman Sachs: $80.58m-May11
Avantor, Inc. is a global provider of mission critical products and services. Its products include materials and consumables, equipment and instrumentation, and services and specialty procurement. Materials and consumables includes chemicals and reagents, lab products and supplies, specialized formulated silicone materials, customized excipients, customized single-use assemblies, process chromatography resins and columns, analytical sample prep kits and education and microbiology and clinical trial kits. Equipment and instrumentation includes filtration systems, virus inactivation systems, incubators, analytical instruments, evaporators, ultra-low-temperature freezers, biological safety cabinets and critical environment supplies. Services and specialty procurement include onsite lab and production, clinical, equipment, procurement and sourcing, and biopharmaceutical material scale-up and development services. Number of employees : 12 400 people.
https://www.marketscreener.com/quote/stock/AVANTOR-INC-58388950/company/
Jo Natauri has served on our Board since November 2018. Ms. Natauri is a Managing Director and the global head of Healthcare Investing within the Merchant Banking Division (MBD) of Goldman Sachs, a position she has held since May 2018. In her current role, Ms. Natauri oversees a portfolio of investments and serves on the boards, or as an observer on the boards, of several MBD portfolio companies. Prior to assuming her current role in MBD, Ms. Natauri was an investment banker with Goldman Sachs for 12 years, where she led coverage of large cap companies in healthcare and other industries. She was named managing director in 2008 and partner in 2012. Ms. Natauri serves on the board of Safe Horizon, the nation’s leading victim assistance organization.
https://ir.avantorsciences.com/investors/governance/board-of-directors/default.aspx
https://finviz.com/insidertrading.ashx?oc=1776123&tc=7&b=2
The QE Endgame: A Big Problem Is Emerging For The Fed
For the second time in three weeks, the US Treasury sold $40BN in 4-week bills at a price of 100.000% representing a rate of 0.00%. To be sure, Bills had printed at 0.000% at auction previously, but that was largely during the reserve glut days of 2015. So why now? The same reason usage of the Fed's Reverse Repo facility has soared in recent weeks from zero to over $100 billion at the end of April, hitting a whopping $235 billion today.
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See here for QRB running tally of the Reverse Repos that started being tracked on April 8th-saw dis already habbening with the Reverse Repo process then
Also see Cap#2
>>47697 pb Federal Reserve Bank of New York Reverse Repo(s) April 8-23: $625.35B
>>49822 pb FRBNY Reverse Repo Operations April 26-30: $766.523B
>>51731 Federal Reserve Bank of New York Reverse Repo operations week of May 2nd, 2021-$757.09b
Adding this amount ($757.09b) to the previous ones get us a total of: $2.148 trillion worth of t notes pushed back onto the market by the FRBNY since April 8th-as of May 8th 2021
This number will be updated by Saturday morning (or earlier) with the FRBNY weekly Reverse Repo operations
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...as investors choose to directly transact with the Fed - where only positive rates are allowed - rather than the open market where collateral rates have frequently been negative in recent weeks as Curvature's Scott Skyrm explained in this note from April 26: "Overnight rates are low. Too low by all normal standards. The fed funds rate is well below the mid-point of the fed funds target range and the Repo GC rate is at zero; often trading negative. Zero percent interest rates are forcing billions of dollars of cash into the Fed's RRP facility."
While this This is a delightful case of deja vu irony -the Fed is taking Treasurys out of the market through QE purchases and putting them right back in via the RRP-cough see above QRB linkys - it is also distorting the Repo market, and although the Fed can fix this aberration by hiking the IOER or RRP rates, it has so far refused to do so.
But the ongoing surge in reverse repo usage masks a far bigger problem in store for the Fed, and it's why Curvature's Skyrm writes that "now is a pretty good time to start talking about the size of the SOMA portfolio, even if some people don’t want to talk about it." But the ongoing surge in reverse repo usage masks a far bigger problem in store for the Fed, and it's why Curvature's Skyrm writes that "now is a pretty good time to start talking about the size of the SOMA portfolio, even if some people don’t want to talk about it."
Why is the surge in reverse repo linked to tapering? Skyrm explains, by posting a rhetorical question: "What are the next steps for tapering purchases and what will the SOMA portfolio look like when we're done? What will the market look like?" The repo strategist then reminds us that even when the Fed starts tapering, the Fed balance sheet will continue to grow indefinitely, if at a slower pace, flooding the system with the same reserves that are now desperate to buy Bills at 0.000% or be parked at the Fed (for 0.000%).
Talk of tapering feels like when you're getting ready for a dinner out. You're ready and it's time to go. You check on your spouse and they haven't even started getting ready yet! As of last week, the SOMA portfolio stood at $7.185 trillion and the Fed continues purchases at $120 billion a month. If and when tapering starts, the purchases won't go from $120 billion to zero in one announcement. The purchases will gradually slow - going from $120 billion, to maybe $100 billion, to maybe $80 billion, to $50 billion, to $20 billion.
Let's look at some rough estimates. Assuming the Fed tapers at this schedule at each FOMC meeting beginning in June, that would mean the Fed adds about another $350 billion and ends QE in November. That's the most aggressive tapering schedule. Let's assume the Fed doesn’t begin tapering until the end of the year. That means, roughly, another $900 billion will be added to the SOMA portfolio. This is a problem, and Skyrm explains why: Even today there's barely enough collateral in the Repo market right now to cover all of the cash being invested. If volume at the RRP shot up to $235 billion today, what's going to happen when there's $350 billion fewer securities in the market at the end of the year? How about if it's $900 billion? In short, we already have a collateral shortage the likes of which are on par with what we experienced in 2015-2016.
What happens in the next 18 months when we get an additional $1 trillion in reserves sloshing around? **
https://www.zerohedge.com/markets/qe-endgame-big-problem-emerging-fed
**See Cap #3
SAM418 USAF G5 KAF AC of interdast 99th Airlift Squad departed MacDill AFB after a ground stop-prior stop at Birmingham Int'l AL from a JBA depart
SAM368 USAF G5 departed Scott AFB, IL after a ground stop-prior stop at Peterson AFB earlier
Both AC's returning to JBA nao
he and Andy Ngo were first twatter accts I watched