Morgan Stanley has launched a new global reserves monitor.    Their weekly has a bit more detail than in the online version.    I can hardly complain though.  I have a bit more detail hidden behind t…

Central bank reserve growth has unquestionably slowed. Indeed, global reserve growth in October was almost certainly negative. But the Fed’s custodial holdings are still rising. That could imply…

In case you haven’t heard, the Treasury market – and the mortgage market -- had a bad day. Ten-year Treasury yields are back at their November 2008 levels (long-term Treasury yields didn’t fall imm…

I got my start, so to speak, tracking global reserve growth and then trying to map global reserve flows to the TIC data. So I have long thought that large scale central bank purchases of U.S. Treasur…