Three weeks ago, moments after the Treasury released its latest Treasury issuance Sources and Uses report which virtually nobody on Wall Street pays attention to, we confirmed something we first observed months earlier: stealth QE - which as we explained early this year is how the Treasury injected $1.5 trillion of liquidity into the market in the past 12 months bypassing the Fed entirely - was not only over but was about to go into reverse as the US Treasury was set to unleash several hundred billion of quantitative tightening. The reason: after dropping to a post-covid low of $450 billion, the Treasury's cash ... (full story)