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Saturday, April 25, 2020

Pause While Formatting...

Unless something happens that I want to rant about, probably no articles for a short while. Need to knuckle down and format Recessions: Volume I for paperback/EPUB editions.


  1. Well I expect there will be plenty of things you will want to rant about during the next few weeks. And please do so. I gotta say- what you consider a 'rant' is very different from my own rants. In fact, I have never thought anything you posted would be considered a 'rant'. Please rant away as often as possible.

    1. This comment has been removed by a blog administrator.

  2. Hi Brian, I note that the repo holdings of the Bank of Canada (BoC) have increased from $33.48 billion on March 25, 2020, to $166.929 billion on April 22, 2020. I assume the repos are being used to lend the money to the banks and dealers that they need to buy the Government of Canada securities issued due to covid spending. Do you have any comments on that? In addition it would be very appreciated if you had other comments regarding the BoC balance sheet, including the role of Bankers' Acceptances. Thanks.
    Info at

    1. I haven’t had time to look at the details. I think the idea is that they are offering repo financing to ensure that financial markets can absorb issuance. Once the market functioning is back to normal, they let the repos roll off.

      This is unusual. The BoC normally did very little in the way of repos, while repos were a big part of the Fed pre-2008 balance sheet.


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