by Wolf Richter
This crybaby stuff is just funny. So let’s have a look.
What we can loosely call our spoiled-rotten Wall Street crybabies – hedge fund magicians, investment bankers, bond-fund gurus, and what not – that got big and fat off the Fed’s free money, are now whining and crying and fearmongering about the Fed’s QT.
For now, they’ve homed in on the Fed’s Overnight Reverse Repurchase agreements (ON RRPs) that were at $2.3 trillion this spring and are now down to $935 billion and will go to near $0, as QT is draining liquidity from the system.