“What happens to the repo market when a large chunk of previously eligible collateral suddenly becomes non-eligible?
The scramble for high-quality collateral has only just begun.”

https://x.com/amital13/status/1998731213125591263
(wonkey since on this site it has to rhyme with donkey)

“Tonight’s rate cut may well be remembered as the moment the 2022-2025 bull market died – not because of earnings or recession, but because the greatest collateral bubble in history began to deflate”

…..

37m Nasdaq futures are now selling below yesterday’s low.
This does not look encouraging for tomorrow’s session. Buckle up.